GOBankingRates Study Finds 84% of Americans Think You Spend Too Much on Back-To-School Shopping

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Aug 13, 2014, 12:53 ET

LOS ANGELES, Aug. 13, 2014 /PRNewswire/ -- A new GOBankingRates study finds most Americans think back-to-school shoppers are spending way too much money.

Though the National Retail Federation's 2014 Back-to-School Survey found the average family expects to spend nearly $670 on attire, supplies and electronics, 84.3 percent of GOBankingRates poll respondents said that a "reasonable" budget for back-to-school shopping is actually under $500. Further, 52.6 percent of all respondents said a budget should be less than $200.

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"Each year, back-to-school lists seem to grow longer and more expensive, as syllabi increasingly require electronics alongside notebooks and pens," said Jennifer Calonia, senior editor of GOBankingRates and lead reporter for the poll. "Parents want to give their children the latest and greatest, but it's not reasonable to spend $600 on your fourth grader's back-to-school costs."

Additional findings:

Only 15.6 percent of Americans think a reasonable back-to-school budget is more than $500.
Survey responses didn't vary greatly by gender, but women generally tend to think a smaller budget is more reasonable.
Those making $100,000 or more are the most likely (91.2 percent) to have a budget under $500.

For budgeting tips and a video on back-to-school shopping trends, visit http://bit.ly/backTOSCHOOL.

About GOBankingRates

GOBankingRates.com is a personal finance and consumer banking website that connects consumers with the best credit unions, banks, interest rates and money-saving tips. Its editors are regularly featured on top-tier media outlets, including U.S. News, Business Insider, Huffington Post and more.

Methodology: GOBankingRates surveyed 1,515 respondents using Google Consumer Surveys, asking, "What do you think is a reasonable household budget for back-to-school shopping?" The poll ran from Aug. 4 to Aug. 10; results are statistically significant with an RMSE score of 2.8 percent.

Contact:

Connie Lundegard
GOBankingRates
[email protected]
310-297-9233x112

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SOURCE GOBankingRates