Back to school costs are driving some parents into debt, or risky behaviors like gambling
Back to school season is a particularly expensive one, with spending on school supplies for K-12 students expected to hit the $43 billion range. According to Chicago-based Deloitte, parents plan to spend an average of $557 per child.
Illinois parents are set to shell out even more, $794 per child.
With inflation, rising costs from factors including tariffs imposed by the Trump Administration, and general economic pressures, some parents are taking drastic measures to be able to afford school supplies.
Dr. Ericka Rasure from Beyond Finance joined CBS News Chicago Friday morning to talk about research her company did recently showing that parents are going to into debt and engaging in risky tactics like gambling and payday loans to be able to keep their kids from feeling left out.
The company's survey found parents are caught in the emotional tension between protecting their financial future and making sure their children don't feel left out when they're back in the classroom. The survey also noted that Americans are currently facing record levels of household debt, which is only exacerbated by back to school shopping.
Beyond Finance found 70% of parents they surveyed said they felt pressure to buy the same clothes, technology and supplies as other families, and 61% admitted they bought something just so their child wouldn't feel left out. More than half are worried their kids could be judged for reusing clothes or school supplies, and 42% who made pressure-driven purchases later regretted them.
Rasure said among the things parents can do right now to keep school spending under control are letting their children prioritize what matters most to them and letting them pick that one thing; reminding themselves they don't have to do all back to school shopping in one go; and giving themselves permission to be resourceful and reframing it as positive: "we're deciding together what to spend our money on."
Illinois currently has a tax holiday for back to school supplies until Sunday, Aug. 16, which reduce sales take in the state by 5% for clothing and other school related items.
The first day of school for Chicago Public Schools students is Monday, Aug. 24, 2026.
