Majority of U.S. Parents with School-Aged Kids Have a Back-To-School Budget, Survey Finds

 

 

With the start of a new school year just weeks away, Staten Island’s only community-based business bank is reminding parents to review their children’s back-to-school budget, if they haven’t done so already.

With family finances in mind, Victory State Bank is pointing to a recent survey by self-service coin counting company Coinstar® that shows the majority of U.S. families (57 percent) 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.

The sentiment from U.S. parents indicates that school expenses are escalating, according to the Coinstar® survey. Half (50 percent) of the parents surveyed responded that they thought school expenses were increasing year over year. Another 31 percent of parents believed expenses were staying fairly consistent and 16 percent said they thought expenses were in line with where they should be.

The Coinstar® survey reported that nearly half (49 percent) of parents expect to spend between $100 and $300 per child this coming school year. On the higher end, about one-quarter (27 percent) 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.

 

 

 

 

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

Media Contact for Victory State Bank: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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