Nearly one-third of Irish parents are putting themselves in debt to cover back-to-school costs, according to a new survey.
The annual survey form the Irish League of Credit Unions (ILCU) finds 29% of parents are getting into debt with the costs – up 5% on last year.
Of these, just over one-fifth said they had back-to-school debts of more than €500.
Meanwhile, the number of parents using credit cards to pay back-to-school costs is up 6% to 23% this year and worryingly, one-in-ten say they are considering using an illegal moneylender.
The annual survey also finds that two-thirds of parents find back-to-school costs a financial burden.
Parents preparing children for secondary school are spending €1,518 per child and parents preparing children for primary are spending €1,195 per child. Both figures are up on last year.
Overall, the survey finds that more than a third of parents are now struggling to make their household budget stretch to cover the additional cost of living increases.
Asked what options they were considering to cut costs, 65% said they were reducing non-essential spending on things like gym memberships and subscription services.
Meanwhile, 29% said they were trying to earn more money, 18% said they were taking out a loan and 14% said they were borrowing from family or friends.
The ILCU/iReach Insights survey was carried out among 2,460 adults including 764 parents of school children in June 2022.