According to a new NerdWallet Canada survey, conducted by The Harris Poll, nearly one in five Canadian parents of K-12/college kids (19%) say they intend to spend $1,000 or more on back-to-school shopping this year.
But the upcoming Back-to-School season is likely to be a source of financial stress for many Canadian parents. The usual annual shopping trip is set to become a burden as families contend with already high inflation and the potential impact of new 35% tariffs, which could further strain their budgets.
To try to find the best prices, NerdWallet Canada recommends that parents practice price matching for the best deals.
NerdWallet personal finance expert Shannon Terrell said it is that time of year, again, back to school shopping has begun and NerdWallet Canada found that Canadian parents expect to spend $669 on average for back to school purchases.
Now, important to note that is the average, and in fact, some parents told NerdWallet they expect to spend quite a bit more. Nearly one in five said they are going to spend $1,000 or more on those back to school supplies.
Terrell said the next question she has when she thinks about these numbers is: How are we paying for these purchases? Well, 70% of Canadian parents told NerdWallet they expect to lean into credit tools like credit cards and buy now, pay later programs to help cover those back to school purchases. What’s also interesting is where folks plan to shop, 45% say they will be shopping on online marketplaces.
Terrell said 22% told NerdWallet they planned to go to secondhand and thrift stores, and 17% will be going to social media marketplaces to get those back to school supplies. And of course, top of mind for so many Canadians right now is the developing tariff situation, and parents are no exception as 89% of Canadian parents told NerdWallet that they planned to take action for back to school shopping this year as a result of tariffs and economic uncertainty.
Saving money is important and this back to school shopping season is likely going to come down to a few strategic shopping strategies. Price matching couponing apps and maximizing those credit card rewards could be game changers.
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