Elementary School Students Face the Largest Price Hikes
COLUMBUS, Ohio, July 28 /PRNewswire-FirstCall/ -- Huntington National Bank's Annual Backpack Index estimates that over the past three years, the cost of filling a backpack and paying for the activities of elementary school children has increased 34%, from $351 to $472. For high school students, the cost has increased 11%, from $894 to $998. Only middle school students will see the cost remaining relatively stable at $535.
(Photo: http://www.newscom.com/cgi-bin/prnh/20090728/CL52603-a)
(Photo: http://www.newscom.com/cgi-bin/prnh/20090728/CL52603-b)
Both increases outpaced the consumer price index for the same three-year period, which rose 3.4% between July 2007 and June 2009. The Huntington Backpack Index measures the cost of filling the school backpacks of students in grades K-12. It also takes into account the cost of extracurricular activities including the rental of musical instruments and other activity fees.
The biggest increase for elementary students is the rental fee for musical instruments, which has risen from $228 to $299. Those pupils are also being required to pay additional field trip and school fees. Moreover, they are being asked to purchase more supplies such as folders and assignment books to help them stay organized.
The increase for high school students reflects continuing hikes in the pay-to-play fees, which have risen from $75 three years ago to $125 now. Additionally, the costs of the college preparatory test books have increased along with fees for the tests. (For complete lists of the Huntington Backpack Index, visit www.huntington.com.)
"Huntington first initiated the Backpack Index to help families save for the cost of going back to school," said Steve Steinour, chairman, president and CEO of Huntington Bank. "This year with many families facing unemployment or reduced hours, the need for saving strategies is more critical than ever. Huntington has developed 10 savings tips that we think will help families save money and children learn more about managing money."
Huntington's savings advice includes:
- Establish a budget and take inventory of what you need and what you already have. Most schools provide supply lists in June through their Websites.
- Stores begin advertising school supply sales in late July. Ask your child to collect the ads and circle the items needed.
