The increasing costs of sending children to school means that almost two-thirds of parents have to plan ahead to meet school expenses and are going to save for their children’s education according to the KBC Bank Ireland Back-To-School Survey.
The Survey, undertaken by Red C, asked parents across the country their views on back-to-school costs with the results showing that the parents will spend €540 per household to kit out their children for school. The biggest cost associated with back to school time is the purchase of school books (51%), followed by clothes (31%).
With 63% of respondents planning to save for their children’s education, parents are looking for a variety of features when choosing a savings account according to KBC Bank Ireland Executive Director, Head of Retail Banking, Dara Deering.
“The KBC Bank Ireland Back-To-School Survey shows that August can be a worrying time for parents. Almost seven in 10 parents are quite worried or very worried about back to school costs and two-thirds are more worried about these costs this year than they were last year. It comes as no surprise, therefore, that 65% of parents are planning ahead to meet costs for the school year and that almost 63% say that they will save for their children’s education,” says Ms. Deering.
“We have found that parents who are planning to open a savings account to help meet school costs are looking for an array of features. These vary from looking for an attractive return on their savings to an ability to top them up to being able to access funds at short notice and, of course, feeling secure that their savings are in a trustworthy institution”.
Ms. Deering adds “At KBC Bank Ireland we try to meet these varying needs by offering a suite of savings products that will suit parents’ needs no matter what they are. Savings accounts such as the Smart Access Demand Account which allows parents instant access to their funds and has a market leading rate of return of 3.25% have proven very popular. With school about to begin we expect even more parents to avail of this account and they can do so by visiting www.kbc.ie or calling 1800 51 52 53.”