"Can't Stand My Child Falling Behind": US Parents Resort to Gambling and Loans for Back-to-School Purchases

Financial Strain Grows Over School Supplies and Electronics Purchases
Overspending Driven by Social Comparison... Some Resort to Gambling or Loans

With the new school year approaching, economic pressures are mounting for American parents as they prepare to purchase school supplies, clothing, and electronic devices for their children. According to reports, some parents have resorted to gambling or even taking out loans to afford these back-to-school expenses.

The photo is not directly related to the specific content of the article. Photo by AFP Yonhap News Agency

"Burden of Back-to-School Prep" for American Parents... Peer Comparisons Lead to Laptops and Wallets

On August 12, local time, the New York Post reported, citing a survey conducted by pollster Talker Research, that American parents are feeling the strain of preparing their children for the new school year. The survey targeted 2,000 parents with school-aged children.

Back-to-school preparations ranked among the biggest economic burdens faced by American parents during the year. The survey found that 70% of respondents felt pressure to get their children ready for the new school year. Additionally, 58% said this burden was greater than that of holiday shopping.

Many parents spent more than necessary out of concern that their children would be compared to their peers. Products such as branded water bottles, jackets, shoes, and laptops were common purchases. According to the survey, 61% of parents said they bought items they originally had not intended to buy to prevent their children from falling behind their peers. Of these, 42% said they regretted such purchases.

One parent shared, "My son was doing his school assignments and all his friends were using MacBook Airs, so I bought him one for $1,200." Another parent revealed that they spent $600 on a small Coach wallet for their child.

A total of 74% of respondents reported feeling guilty for not being able to buy their children what they wanted. 69% said they felt they were failing in their role as parents if they couldn't adequately provide what their children needed for the new school year.

Cutting Expenses to Save; Some Resort to Gambling and Loans

As the cost of preparing for the new school year increased, some parents turned to gambling or loans to cover the expenses. 8% of respondents said they had gambled to get money for their children's school supplies.

15% had taken out personal loans or payday loans, while 16% reported selling their belongings to raise funds. 20% said their credit card debt had increased, and 23% had used 'Buy Now, Pay Later' (BNPL) services.

Some parents reduced dining out (35%) or cut spending on personal hobbies (30%) in order to cover back-to-school costs.

Erika Rasure, a financial expert at Beyond Finance, said, "Parents want their children to start the new school year with confidence, but overspending to ease immediate worries can ultimately lead to even greater financial stress." She added, "What children truly need is not the latest or most expensive items, but the reassurance that they are loved."

This content was produced with the assistance of AI translation services.