A new study by credit and debt counselling agency Bromwich & Smith Inc. found that many Canadian parents and students may take on debt to cover this year’s back-to-school expenses.survey interviewed 1,508 Canadians and found that 30 per cent of parents and 38 per cent of post-secondary students are afraid they will have to incur debt to pay for the upcoming school year.
According to the study, the bulk of parents and students are worried about the impact of inflation and supply chain issues on school-related costs. Sixty-five per cent are stressed about the effect of inflation and almost three-quarters are expecting prices for school supplies and books to be even higher because of supply chain issues.
“It’s important to know your upfront costs and finances, set a budget, shop around and create a school spending fund,” said Campbell.Article content Some parents and students are even feeling positive about their finances: 63 per cent feel that they have become efficient, money-saving shoppers and more than half are confident they would be prepared for an unexpected financial emergency.by President’s Choice Financial found that families are starting to talk to their children about finances much earlier than before.