Families face a more affordable start to the school year

The start of the school year this year may cost even more than last year, according to a representative survey conducted by Erste with more than 1,200 parents. Most expect an amount between 20,000 and 50,000 forints: in the case of younger children (3-6 years old), the costs are typically lower, while for 11-18 year olds, more and more families are calculating expenses of up to 100,000 forints. For 72 percent of those surveyed, the start of the school year represents a greater or lesser financial burden, and 7 percent feel that they cannot even raise the expected minimum.

More than half of parents (54 percent) say that financial expenses are their biggest problem. In addition, many people struggle to obtain the necessary supplies in time or find information about them. School supplies are mainly purchased in hypermarkets (52 percent) and stationery stores (50 percent).

This year, half of parents are consciously saving in advance for September costs, 36 percent cover their expenses from their monthly income. A third of them are making up the missing amount from external sources – such as local government support, foundations or loans. 30 percent of respondents have previously used credit to finance the start of the school year, and 3 percent plan to do so again this year.

According to the research, a simple application process and quick access to money are increasingly important when taking out a loan. Erste EasyPay meets these needs, which is available in the George app or on the web with a few clicks after a card purchase of at least 20 thousand forints. The installment payment is now interest-free for three months, with a one-time withdrawal fee, and can be repaid early at any time.