Buy onlineJohannesburg, Monday 13 January 2025 – The 2nd annual Back-to-School survey conducted by 1Life Insurance has shed light on the significant challenges parents face during the back-to-school season, revealing a stressful and financially draining period for families across South Africa.
The survey found that 95% of parents experience stress when preparing for the new school year, highlighting the emotional toll that comes with balancing school-related expenses and other financial obligations.
Financial Burden of Back-to-School Expenses
Back-to-school preparation poses a considerable financial challenge for parents:
- 88% of parents reported that back-to-school costs set them back financially, forcing them to compromise in other areas to afford these expenses.
- 77% of respondents are solely responsible for school fees, with 40% identifying as the sole breadwinner and 37% as single parents.
- While only 4% of parents manage back-to-school expenses without saving, 40% rely on savings, and 56% wish they had the resources to save for these costs in advance.
The survey also revealed that 50% of responding parents are still paying off school-related expenses from the previous year, with only 38% having fully settled those costs. A small portion (12%) indicated they were relieved of financial pressure due to their children attending no-fee schools.
Key Cost Drivers for Parents
According to the survey, the expenses that concern parents most are:
- School fees (39%)
- School uniforms (38%)
- Stationery (24%)
Lack of Financial Support for Education
The survey revealed that 92% of dependants lack bursaries or financial aid, leaving most families to shoulder the full cost of education. “This survey underscores the pressing need for financial literacy and support systems for South African families. Education is a cornerstone of opportunity, but it comes at a cost that many parents find overwhelming,” says Carol Mazaka, Consumer Director at 1Life Insurance.
The Learning Opportunity
“As back-to-school season approaches, it can be overwhelming to feel underprepared when the time comes – especially following the festive season where we want to spend time with family and celebrate the victories of our children from the previous year,” says Hayley Parry, Money Coach and facilitator at 1Life’s Truth About Money.
“Preparing for back-to-school expenses in a tough economic climate requires careful planning and smart financial strategies. Parents can start by creating a detailed budget that includes all anticipated school-related costs, such as fees, uniforms, and stationery, to avoid surprises. Prioritising savings throughout the year, even in small amounts, can also make a significant difference along with exploring options for second-hand uniforms and supplies, or applying for fee exemption which can help reduce costs. Additionally, parents should seek out discounts and sales early, rather than waiting for the school rush when most items are in high demand and expensive. For longer-term solutions, parents might consider setting up an education-focused savings account or consulting financial advisors for tailored advice on managing these recurring expenses. By planning and leveraging available resources such as the free online course on 1Life’s Truth About Money, parents can alleviate some of the financial strain and stress associated with the back-to-school season,” adds Parry.
“Recognising the financial strain on families, we remain committed to offering solutions that help parents better prepare for their children’s education. From tailored free financial planning tools, such as the Truth About Money initiative, to affordable life insurance products that go a long way to help South African families plan for their children’s future.” concludes Mazaka.