A recent survey of 2,000 parents of school-aged children revealed that nearly one in 10 have gambled to afford school supplies, while others have pawned their belongings, taken out personal or payday loans, or accumulated credit card debt.

Financial Struggles

The survey, conducted by Talker Research, found that 70% of parents feel caught in a ‘back-to-school parent trap’ due to pressure to buy their kids the same clothes, technology, and supplies as their peers, despite being financially constrained.

More than half of parents (54%) admitted to worrying about being judged by their peers if they reuse items from previous years, which may explain why 70% of parents said that back-to-school shopping is their most financially stressful event of the year.

Consequences of Pressure

The pressure to overspend has real consequences, with 61% of parents buying something for their child to avoid being judged or left out, and 42% regretting these purchases.

Parents are making sacrifices to pay for back-to-school supplies, including cutting back on dining out, hobbies, and appearances, as well as putting off contributions to savings, paying down debt, or paying rent or mortgages.

Original reporting: KTBS 3 (Shreveport) — read the source article.