Parents face rising school costs this summer

As the summer holidays approach and parents start to plan the next school year, research from Lloyds reveals the cost of sending children to school, and it’s more than just pencils and packed lunches.

School uniform the biggest unexpected burden

For most parents, the biggest expense is school uniforms, with 58% saying they’re the most significant expensive school-related item and 44% surprised at how much they cost. School trips (49%), lunches and snacks (37%), and extracurricular activities like clubs, music lessons, and sports (32%) are also all cited by parents as part of the mental load when balancing their school-related budgets.

Lloyds research shows many parents are spending more than they expected when their children start school. One in three (30%) say school trip costs exceeded their expectations, while a quarter (22%) were surprised by the cost of extracurriculars.

Budget-conscious families are seeking deals to reduce the financial burden. With some retailers already kicking off the pre-summer school uniform sales, M&S, Aldi and Lidl set to discount their uniforms in early July, it pays to think ahead, not wait until September and buy at full price. 

Double the mouths to feed, double the budget?

It‘s no secret that raising a family means having higher day-to-day expenses, and parents are already balancing these costs. According to the latest Lloyds spending data, households with children at home* spend just +16% more on essential groceries to feed the family compared to all households, indicating families seeking out the best value on their weekly shop.

And it is similar picture when it comes to eating out, with parents spending +17% more, parents perhaps will be looking to take advantage of the ‘kids eat free’ deals many restaurants offer, particularly during the holidays. When it comes to clothing costs, families are spending +23% more on average.

Over half (51%) of parents say that while childcare costs are a burden, they are manageable – but 23% report struggling to afford school costs either some of the time or often.  

The Benefits Calculator tool on Lloyds’ mobile app gives customers a simple way to identify the benefits they may be eligible for and find out how to make a claim. For parents and carers, this includes tax-free childcare, a UK government initiative to top-up childcare savings which can be spent on nursery costs and even afterschool and holiday clubs.

Lloyds app

Packed full of features making banking simple, fast and secure, including:

• Manage payments: Keep track of spending by setting up notifications for every time a card is used to make a payment, when money is received and when a regular payment is coming up.
• Subscription management: It’s easy to manage regular subscriptions – like TV streaming services or gym memberships using the app tool to view, cancel or block subscription payments.
• Credit score checker: Check a credit score, get alerted when it changes and access tips to make improvements.
• Pay in cheques: Simply take a picture and the app reads all the cheque details, with money usually available the next working day.
• Request money from friends and family: Request to pay is a fast way to request money back for shared purchases, such as restaurant bills. Easily share a secure link, or show a QR code from the app, without the need for sharing personal details.
• Card management: Card misplaced? No problem – use the app to view card details and report cards lost, damaged or stolen.
• Limit spending: Take more control over spending by setting personalised contactless card payment limits, in £5 increments, or freezing certain types of payments, including gambling.
• In one place: View all accounts and products including bank accounts, savings and investments, credit cards, mortgages and insurance products - or easily apply for something new.
• Everyday offers: Take advantage of Everyday Offers, providing cashback when shopping using a debit or credit card at select retailers.
• Save the Change®: Save money when using a debit card by choosing to round the spend to the nearest pound and transferring the change to a nominated savings account.
• Benefits Calculator: Find support that you may be entitled to, such as childcare discounts, Council Tax discounts, Universal Credit, home improvement grants and more. By answering some brief questions on our app, receive an estimate of any benefits they could be due, along with guidance on how to make a claim.

Lloyds app is available on iOS and Android. 

Download the press release