44% Parents Plan To Take On Debt To Cover Back To School Supplies

Parents cited concerns over new tariffs as major sources of financial strain ahead of the new academic year, marking a double-digit increase in households going into debt compared to 2024. Back-to-school shopping is traditionally a significant annual expense, but this year’s costs have become more burdensome for U.S. parents. The rise comes amid heightened inflation and looming tariff increases, which have contributed to sharp price hikes for school essentials and prompted families to alter spending habits and cut back on necessities. The trend reflects deeper economic challenges as families grapple with higher living costs, stagnant wages and policy changes. It also signals that inflation and tariff policies can have a direct impact on American households, especially those with children in school. This year, 39 percent of Intuit Credit Karma’s surveyed parents with school-age children said they cannot afford back-to-school shopping—an increase from 31 percent the previous year. Other surveys confirm the cost pressure, with one Bankrate report noting that about 20 percent of parents feel budget strain from school shopping. Key school supplies, including backpacks, cost significantly more this year, with parents attributing price increases to inflation and President Donald Trump’s new tariffs.

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Source: Newsweek