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It's no secret that the COVID-19 pandemic and off-and-on shutdowns around the country have taken a massive toll on the nation's economy, health care system and citizens, with schools and colleges trying to find ways to educate students even as they keep a wary eye on infection and death rates.
Two recent surveys help quantify how much stress back-to-school season is putting on parents struggling to deal with financial hardship and meet school requirements that often mean kids are at home grappling with online learning and requiring that someone be there with them.
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A survey of 1,330 adults published last week by Country Financial found that more than half of the parents with children 17 or younger who responded are facing additional financial hardships due to the pandemic, including increased expenses for child care, food and the technology needed for distance learning.
Many are also dealing with the loss of a job as a result of having to stay home and care for children, or the impact of reduced or shifting hours over child care needs.
The Country Financial Security Index survey found that 21% of parents have reduced or changed their work hours to stay home with children, while 19% have had to enlist the assistance of family or friends to take care of their kids.
Another 8% said they're moving to homeschooling their children, while 7% are quitting their jobs to stay home and homeschool or assist with remote learning.
But parents of grown children are also taking a financial hit, with 65% saying they've had to lend financial assistance, and 50% saying they've had to help cover everyday living expenses like groceries, gas and cell phone bills.
Many have also had their children move back home, as 21% reported; a similar percentage said they'd had to help pay health care costs, as well.
Country's vice president of financial services, Troy Frerichs, said parents are facing financial choices they never saw coming before the pandemic.
"Now, they're faced with the possibility of leaving a job or reducing their work hours to homeschool or help their kids with remote learning, which can have a major financial impact on their household," said Frerichs in a statement announcing the survey's release.
"Now is a time parents have to reassess their financial goals and create a new game plan that takes changes to their income as well as new expenses into account," he said.
As for young adults whose lives are being impacted, "there's no shame in moving home to save money — in fact, for some, it could be the best financial strategy," he said.
"However, parents should make sure when taking on some extra expenses for their adult children, they are not losing sight of their own long-term goals, like their retirement," Frerichs said.
"Setting boundaries and expectations are especially important as parents help their adult children get back on their feet during a difficult time."
Meanwhile, Deloitte's just-released surveys of parents of K-12 and college-bound students projects that families will spend billions of dollars to send students back to school with a heavy shift toward digital products, boosting technology spending for K-12 students to an estimated $8.6 billion, a 28% increase.
That study also found that only 56% of parents with K-12 students and 52% of those with college-age children were satisfied with the education resources they were offered during the initial outbreak.
Many parents are also worried that their children's studies are suffering, with 25% of K-12 parents saying their kids were not prepared for the next grade.
That concern is coupled with worry about the prospect of sending their kids back to school, with 66% of K-12 parents and 62% of parents of college-age students saying they're anxious about what the school year will bring.
The Deloitte "Back-to School Survey" of 1,200 K-12 parents was conducted online from May 29- to June 5; the companion "Back-to-College Survey" was conducted online between May 31 and June 17, and polled 1,025 parents of children attending colleges and universities this fall.
The surveys estimated back-to-school spending this year to reach $28.1 billion, with an $529 spent per student on clothing, supplies, computers and electronics. Technology purchases, including personal computers, smartphones, tablets and wearables, is expected to rise 28% over 2019 levels. Consumers planning to purchase these items intend to spend an average of $488 on them.
Parents are also planning to spend more on virtual learning, with 51% saying they're investing in web-based educational tools.
"In fact, 40% of parents plan to subscribe their children to a supplementary e-learning platform," the survey said.
"The back-to-school shopping season traditionally represents a clear transition to fall, but families this year face a period of uncertainty," said Rod Sides, Deloitte LLP's vice chairman, in a statement accompanying the survey's release.
"With school formats still up in the air for many, the spending is shifting to tech as parents anticipate the possibility of remote learning and the need to supplement students' education," Sides said. "Retailers that can stay nimble and react quickly to changing needs for education amid the challenges of COVID-19 will likely be the ones that will have an opportunity to appeal to shoppers this season."
Greg Land
Greg Land covers topics including verdicts and settlements and insurance-related litigation for the Daily Report in Atlanta.
