The annual Back-to-School survey conducted by 1Life Insurance has revealed the significant challenges faced by parents during the back-to-school season, highlighting a period filled with stress and financial strain for families across South Africa.
The survey found that 95% of parents experience stress when preparing for the new school year, underscoring the emotional toll of balancing school-related expenses with other financial obligations. The financial burden is evident, with 88% of parents reporting that back-to-school costs set them back financially, forcing them to make compromises in other areas of their lives.
Key statistics from the survey indicate that 77% of respondents are solely responsible for school fees, with 40% identifying themselves as the sole breadwinner and 37% as single parents. Alarmingly, 50% of parents are still paying off school-related expenses from the previous year, while only 38% have fully settled those costs. A mere 12% of parents reported relief from financial pressure due to their children attending no-fee schools.
The survey also highlighted the primary cost drivers for parents, with school fees (39%), school uniforms (38%), and stationery (24%) being the most concerning expenses. Furthermore, 92% of dependants lack bursaries or financial aid, leaving families to shoulder the full cost of education.
Carol Mazaka, Consumer Director at 1Life Insurance, said, “This survey underscores the pressing need for financial literacy and support systems for South African families. Education is a cornerstone of opportunity, but it comes at a cost that many parents find overwhelming.”
As the back-to-school season approaches, Hayley Parry, Money Coach at 1Life’s Truth About Money, advises parents to create a detailed budget that includes all anticipated school-related costs. She emphasises the importance of prioritising savings throughout the year and exploring options for second-hand uniforms and supplies to alleviate financial strain.
By planning ahead and leveraging available resources, parents can reduce the stress associated with back-to-school expenses and better prepare for their children’s educational needs.
Independent on Saturday