This Survey Says Canadian Parents Spending $861 More Per Child, 60% Going to Food

Canadian parents are spending $861 more per child overall on expenses such as food, school/daycare/extracurriculars, clothing and travel this year compared to 2023. Of this $861 increase, 60 per cent of it is going to food, an 18% increase from 2023. This is according to Capital One Canada’s annual back-to-school survey of over 1,000 Canadian parents, which was conducted by Leger. We chatted with Becca Mintz, vice-president, Capital One Canada, to find out more. —Vita Daily

With food expenses seeing the highest increase at 18% compared to last year, how are Canadian parents adjusting their meal planning or grocery shopping habits to manage these rising costs?

Our survey data found half of parents plan to seek out deals, sales, or coupons more this year than in previous years.  

Although it can be convenient to provide pre-packaged lunches, meal planning can be a helpful strategy as well. It not only allows for more thoughtful shopping and less food waste, but it can put less pressure on in-the-moment decision making on busy weeknights that may lead to the more expensive path of ordering in. Buying items like granola bars and easy-to-grab snacks in bulk is another way to keep costs down. Capital One Canada’s Life & Credit Blog provides back-to-school shopping tips that can help incorporate healthy options into a child’s lunch while also looking at cost savings. 

With nearly 50% of parents opting to buy second-hand items to keep costs down, what advice would you give to parents who want to shop sustainably while still finding good deals on essentials for their children?

We are certainly seeing this trend amongst our customers as well with August being the second highest average spend month for the year on second-hand merchandise. We recommend taking inventory of supplies you may already have on hand to see what you can clean up and reuse for the upcoming school year. Visit your local dollar store where you can find all of the essentials at an affordable price and only buy what is required. 

It’s also worthwhile to check in on your network of friends and family to see if they have any leftover supplies from previous years that are not being put to use. 

While food costs have risen significantly, transportation costs have seen a slight decrease. Are parents making conscious changes in how they travel with their children, and if so, what trends are you noticing?

Our survey found that parents are spending on average $936 on transportation/travel this year. This is trending down from 2023 which saw parents spend an average of $958 on transportation/travel costs for their child. This aligns with additional insights from Statistics Canada which saw a dip in commuters using a car to get to work while also seeing an increase in Canadians choosing public transit. Public transit can be a more affordable option to travel than commuting by car.

The survey shows that 50% of parents are looking for more deals, sales, or coupons this year. What are some of the most effective ways parents can save while shopping for back-to-school items without compromising on quality?

Parents can start with building out a list for essential items such as supplies, clothing and lunch ideas or creating a budget to keep you on track. We were pleased to see that our survey showed that 45 per cent of Canadian parents say they have improved their financial situation due to budgeting. 

With the money saved on reused items or second-hand supplies, parents can invest in items like a higher quality backpack. Despite the upfront cost being a bit more expense, it can be an investment if your child is able to use the backpack for several years afterwards.  

Only 9% of Canadian parents say they can afford everything they need or want for their children this year. How can families balance their budget while prioritizing the most important purchases for their children’s education and well-being?

The survey told us that half of Canadian parents will actively look for sales or coupons this year, more than they did in previous years. Capital One Canada’s Life and Credit Blog can support parents in building positive financial habits as they strive towards financial goals. Another useful tool is signing up for email lists to keep an eye on any upcoming sales from their favourite stores. Parents can also check local buy-and-sell groups for second hand items that are in-season, barely used or even new products that often sell for a fraction of the price.