Despite parents’ best efforts to maintain a budget and limit unnecessary spending, many find it difficult to withstand pressures to overspend, especially during the already-stressful back-to-school season.
Bankrate’s latest survey reveals that 43 percent of parents who have been back-to-school shopping, including 51 percent with children under age 18, feel pressured to overspend on items like clothing, school supplies and tech products.
That mounting pressure is nearly equal to the stress parents undergo during the winter holiday season; 57 percent of parents with children under age 18 who give gifts felt pressured to overspend on holiday shopping in 2018, according to Bankrate’s survey data.
“For many parents, back-to-school shopping can be just as daunting as the holiday shopping season, and the pressure to overspend – whether from your own children, social media or somewhere else – can wreak havoc on a budget,” says Ted Rossman, industry analyst at Bankrate. “It’s important to identify your spending triggers and set limits.”
Everyday spending pressures
Beyond back-to-school season, the survey also found that nearly half (49 percent) of Americans feel pressure to overspend in order to look successful in the eyes of others.
The most popular items respondents say they’ve felt pressured to overspend on include clothing, shoes and jewelry (23 percent). These material items are followed closely by social activities and dining out (22 percent) and cars (18 percent).