BASKING RIDGE, N.J. — For many, the family budgets take a big hit during the back-to-school season.
According to a recent Affinity Federal Credit Union online survey, some 70% of parents and students spend more than $100 per child and nearly 30% are spending $250 or more per child to cover back-to-school necessities. In addition, more than three-quarters of Affinity Federal CU members surveyed did not have an allotted back-to-school budget to accommodate those expenses.
"These findings tell us that the back-to-school season puts a big bite in the family budget," said Donna LoStocco, vice president, member experience. "But the good news is that this is a perfect opportunity to teach children financial responsibility."
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To help its younger members become more financially savvy the credit union offers programs ranging from Savvy Savers for children up to 12 years old and ConnectAccount for teens between the ages of 13 and 17, to Student Asset Management for the college set.
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