Eighty-one per cent of Canadian parents report feeling stressed about back-to-school shopping, according to a new study commissioned by the financial app Mydoh.
The survey highlights the financial pressures families face each fall as children return to school with long wish lists and parents try to stay within budget.
“Back-to-school can feel like a financial pressure point,” de Montbrun said. “But it’s also the perfect opportunity to build lifelong money skills.
Moorhouse noted that one in three parents often spend more than intended because they do not prepare a budget in advance. She suggested discussing shopping lists and priorities with children, helping them distinguish wants from needs, and involving them in goal-oriented saving using tools.
At the store, parents are encouraged to give children some control over their spending while maintaining oversight, Moorhouse said allowing children to manage a portion of their own money can help them understand the value of financial decisions.
“While 40 per cent of parents said they overspend during back-to-school shopping because they don’t want to disappoint their kids, the biggest financial mistake parents make during the season is allowing their kids to set the spending rules,” Moorhouse said.
Moorhouse added that leaving the store without every desired item can reinforce lessons in patience and responsibility, especially when children earn money through chores to purchase remaining items.