Nationwide Building Society has issued a warning to parents with children returning to school in September, revealing that families could spend more than £15,500 on a child's school years from reception to GCSE. The building society, which has branches in Birmingham, based its findings on new research into back-to-school spending.
Clubs dominate school spending
School clubs account for the biggest share of that cost, with parents spending an average of £700 each year on clubs and associated costs. This figure is almost twice as much as the £381 spent on uniform and sports kit, and more than six times the £116 spent on school trips. Over a child's school career, clubs alone add up to £9,100, making them one of the biggest education-related costs families face.
Jordan Banjo, member of dance group Diversity, commented on the findings: “Like a lot of kids, I grew up having lots of hobbies from dancing to karate. So, I know the value of them but that doesn’t mean the cost doesn’t add up - £700 a year on clubs alone according to Nationwide’s research. Then add in uniforms and trips and you have stressed families.”
Banjo added that Nationwide has teamed up with Finder to create a new back-to-school calculator, giving parents a simple way to see how their own spending compares with other families and understand their back-to-school spending habits and personality – “are you a savvy saver or a go-with-the-flow.”
Nationwide's advice for managing costs
Fred Powell, Head of Current Accounts at Nationwide, said: “Our research confirms what many families already know: back-to-school costs can quickly add up. Clubs and trips all play an important role in a child’s school experience, helping them learn new skills, build confidence and make new friends and also help cover childcare gaps.”
Powell also highlighted the role of school uniform in the costs, but noted that “it’s encouraging to see we are nation of savvy savers finding practical ways to save money, from shopping around and buying in sales to choosing bigger sized uniform items that last longer.” He added that Nationwide's new calculator with Finder, alongside budgeting tools in the app and support from colleagues, can help families understand and manage the costs of the new school year.
Tips from Finder's consumer editor
Kate Steere, parent and consumer editor at Finder, said: “Clubs are vital for building life skills outside the classroom, but we can’t ignore that they’re also becoming an essential part of the working parent juggle, with a quarter of parents using clubs to plug the childcare gap. Unsurprisingly, the expenses stack up. To manage this, I’m upfront with my kids about how many activities we can afford.”
Steere explained that with prices rising this year, her family had to “sit down and make a hard call about dropping one, evaluating each club based on cost versus enjoyment.” She said involving kids in these conversations is a great way to introduce real-world budgeting, the difference between wants and needs, and how to make tough financial trade-offs.
She also advised parents to tap into their club's community for second-hand gear, noting that “families with older kids are usually eager to pass down gear.” She gave an example: “My boys' football team runs a summer sale for second-hand kit, and apps like Vinted or Facebook Marketplace are goldmines.” If her kids insist on high-end branded items, she pays for the standard equivalent and lets them cover the difference, calling it “a great money lesson, plus they take much better care of boots they’ve helped buy!”
