Parents spend record level on school supplies

Indianapolis, Indiana – According to a recent estimate from the National Retail Federation, consumers will engage in record-breaking amounts of back-to-school purchasing.

According to the study, parents are expected to spend $890 on average on back-to-school goods for their elementary through high school-aged children. Calculators, tablets, and laptops are a few of the significant products purchased for the new academic year.

According to Adam Young, manager of Everwise Credit Union in Indianapolis, this is a useful technique for parents to impart financial literacy to their children.

“Track money every month, give your kid a budget, and do research,” Young said.

He claimed that the identical product is available at several different pricing points.

“I’ll use a real-life example of my daughter. She wanted a pair of shoes this year. She found a pair, sent me a link, and they were $150,” Young said. “Doing a little due diligence of where that product could be bought, we found the exact same pair of shoes for $90.”

Young claimed that because the price of producing school supplies has increased, individuals will spend more money this year.