New Survey from Coinstar Reveals Insights for Back-to-School Budgeting
A new back-to-school survey released today by Coinstar, a leader in self-service coin counting, shows that the majority of U.S. families (57%) with school-aged children have a back-to-school budget and anticipate clothing to be their highest expense. The Coinstar® survey also found that most parents reward their children for achieving good grades.
“Getting kids ready for the school year can represent a significant expense for families across the United States,” said Sandi Stoller, director of brand strategy and marketing at Coinstar. “Coinstar conducted the back-to-school survey to understand how parents are budgeting for these expenses and to help other families plan and prepare.”
School Expenses on the Rise
The sentiment from U.S. parents indicates that school expenses are escalating, according to the Coinstar survey. Half (50%) of the parents surveyed responded that they thought school expenses were increasing year over year. Another 31% of parents believed expenses were staying fairly consistent and 16% said they thought expenses were in line with where they should be.
Back-to-School Costs and Allocations
The Coinstar survey reported that nearly half (49%) of parents expect to spend between $100 and $300 per child this coming school year. On the higher end, about one-quarter (27%) of parents plan to spend between $300 and $500 per child.
When considering how parents are allocating their back to school budget, the majority identified clothing as the top expense. This was followed by school supplies, extracurricular activities, electronics and tutoring.
|Largest Budget Expense||Survey Respondents|
|Extracurricular activity fees||14%|
“Seventy-one percent of survey respondents reported that they save coins in a jar or container at home for future use. Most people have more than they think and these hidden funds can easily be applied to school supplies, clothing or other back-to-school items,” added Stoller.
Incentives for Good Grades
The Coinstar survey also asked parents for their views on rewarding their children for good grades. Four out of five parents (81%) say they do offer rewards to their children for positive report cards; however, how parents reward their children differs.
|Type of Reward Expense||Survey Respondents|
|Praise to family & friends||45%|
|Giving a special gift||36%|
|Offering a special activity||31%|
|Giving cash reward||27%|
|Depositing funds into savings or college fund||14%|
The Coinstar survey was conducted online within the United States by Atomik Research, an independent market research agency, between April 11 and 12, 2017, among 2,020 American adults with children living at home aged 5-18. The survey is representative of the United States population age, gender, and region. Margin of error is +/- 2 percent. Research conducted was in accordance with Market Research Association guidelines and regulations.
About Coinstar, LLC
Coinstar® is the global leader in self-service coin counting with 23,000 kiosks in North America, Europe, and Japan. More than 800 billion coins have been processed since Coinstar’s inception in the early 1990s. In the United States, consumers can convert their change to cash, a no-fee eGift card, or donate to charity at supermarket, mass merchant, drug store, and financial institution kiosk locations. Expanded cash services at Coinstar® kiosks include purchasing cryptocurrencies and adding money into digital accounts. For brand advertisers, Coinstar now offers adPlanet™, which enables lead generation on the interactive kiosk screen and a flexible digital advertising platform that sits atop Coinstar kiosks at select grocery locations. For more information on Coinstar or kiosk locations, visit www.coinstar.com.
Marci Maule Housley