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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