Back-to-school shopping is a great opportunity for teaching kids the ABC's of money.
It works in my house and I'm not alone. The folks at MasterCard put together a news release (featured below) about shopping, kids and money. The MasterCard release has some good information about back-to-school shopping trends. I like the part about discount stores the best.
eBay is also a great spot for finding bargains in school supplies. Super cheap stuff, including new items that can be purchased in large supplies that will last for the entire school term.
Anyway, here's the MasterCard text:
"Parents use Back-to-School Shopping to Educate Children About Budgeting
As parents leverage payment cards to manage spending, they’ll also use this opportunity to discuss financial management with their children. In fact, more than half of parents (53 percent) plan to leverage back-to-school shopping to talk to their children about budgeting and spending wisely, according to the findings of a new MasterCard Worldwide survey.
Conducted by Harris Interactive, the annual MasterCard Back to School Spending Index found that 58 percent of parents of U.S. students college age or younger plan to use debit cards for back-to-school purchases, increasing from 26 percent in 2005.
Shoppers & Habits
The MasterCard Back to School Spending Index survey revealed further conclusions about parents’ back-to-school spending habits:
Parents of U.S. students college age and younger expect to spend, on average, $424 this year on back-to-school items. Sixteen percent anticipate 2006 back-to-school expenses for books, clothes, and supplies to exceed $500.
Three out of four (75 percent) parents anticipate spending the same amount (40 percent) or more (35 percent) this year as compared to last.
Eighty percent of parents said their child or children will accompany them on shopping trips for back-to-school items. Nine percent of parents said they will go alone, while 11 percent of parents said their children will do the shopping alone.
The Shopping Lists
Clothing is by far the most popular item on back-to-school shopping lists. Two-thirds (64 percent) claimed that clothing will be their highest expense, followed by books (13 percent) and supplies (9 percent).
Understandably, the most sought-after shopping destinations for parents are discount stores, with more than 86 percent planning to purchase back-to-school items from a discounter.
Consumers will also head to office supply stores (46 percent), department stores (38 percent), specialty and apparel retailers (20 percent), and drug stores (16 percent).
About the Harris Interactive Survey
MasterCard commissioned the Harris Interactive study as a part of an ongoing effort to better understand consumer attitudes and behaviors with regard to back-to-school spending and money management. Harris Interactive® fielded the study from July 5-7, 2006, via its QuickQuerySM online omnibus service, interviewing a nationwide sample of 2,056 U.S. adults