Some parents turn to gambling to afford back-to-school supplies for their kids: survey

From gambling and pawning possessions to taking out loans, a new survey uncovered the extreme lengths parents go to afford back-to-school supplies.The survey of 2,000 parents of school-aged children revealed that nearly one in 10 (8%) have gambled in order to have money for their kids’ school supplies.Others admitted to pawning their belongings (12%), taking out personal or payday loans (15%), selling possessions (16%), accumulating credit card debt (20%), and using buy-now, pay-later options (23%) to buy their kids what they need for the school year.The survey was conducted by Talker Research on behalf of Beyond Finance to explore the harsh financial realities of back-to-school season as parents navigate tighter-than-ever budgets, a bleak economic climate and the “back-to-school parent trap.”In the study, the majority of parents (70%) admitted they 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, even though they’re financially constrained.And more than half (54%) confessed that when they’re back-to-school shopping for their child, they’re worried that they’ll be judged by their peers if they reuse things from previous years (like old clothes and old technology).This may be why seven in 10 parents (70%) said that back-to-school shopping is their most financially stressful event of the year.In fact, 58% said that back-to-school shopping is more financially stressful for them than holiday shopping.And this trap has a real cost: pressure to overspend.

According to the findings, in past back-to-school seasons, 61% of respondents have bought something for their kid to avoid their child being judged or left out, and 42% confessed they regret these pressure-driven purchases.Pressure purchases cited in the study include name-brand water bottles, coats, shoes, laptops and more, costing hundreds of dollars.One parent said their most expensive pressure-driven purchase...