- From $9.86 to $26.28 USD, the cost of a jumper increased by 266% in Australia
- While families in the Philippines can expect to save overall, the cost of a pencil has increased by 33% since last year
A new study by WorldRemit examines the true cost of education across 21 markets globally, taking into account how the macroeconomic environment has changed.
To determine how back-to-school season affects families around the world, the study, first launched in August 2021, compares average annual incomes and fertility rates with the cost of basic education.
Year-over-year findings
Among the 10 countries examined in 2021 and 2022, four are considered developed: the United Kingdom, the United States, Canada, and Australia. Average household income decreased by 4% in 2022, fertility rates remained the same, and the average cost of basic school supplies increased by more than 7%.
Household income declined by an average of 4% in Nigeria, Philippines, Mexico, India, Tanzania, and Uganda, and fertility rates remained unchanged. India saw a 57% increase in school supplies year-over-year, while the Philippines saw a 40% decrease, while other countries saw an average increase of 5%.
A dramatic increase in specific school items across all 10 countries observed in 2021 and 2022 shows how inflation is impacting families across the world, depending on how many items they need to buy for this upcoming year, and impacting cost of schooling:
- In the UK, the cost of a backpack increased more than double from US$8.98 in 2021 to US$19.03 in 2022.
- In Australia, there was a 266% increase in jumper costs from US$9.86 to US$26.28.
- In the Philippines, while families can expect to save on average, the price of a pencil has increased by 33% since last year
- In Mexico, school supplies will cost 10% more this year, with significant increases observed in water bottles (+264%), gym shoes (+200%), and pencil sharpeners (+29%).
- In Nigeria, schools will have to spend 9% more on school supplies, with the biggest increase being 30% for a 30cm ruler
- US households can expect to pay the lowest percentage of their household income (7%) while Uganda households can expect to pay the highest (838%)
- Costs have increased across most countries observed year-over-year, but household incomes have declined by 4%
2022 study: findings of the 11 additional countries observed
As part of this annual study, WorldRemit observed the school supply costs for eleven new countries. In terms of average family size and monthly income, Zimbabwe had the highest costs at nearly 700% of the average household income. School supplies will cost more than 100% of the monthly household income in other countries, such as Morocco, Cameroon, Ghana, Kenya and Guatemala.
- In Guatemala, standard school supplies will cost a family nearly US$670, while the average household makes US$328.75 a month.
- In Colombia, drawstring gym bags for children will cost families more than 15% of their monthly income this upcoming school year.
- In Dominican Republic, will spend the most on physical education classes, with gym shoes and exercise books topping the list.
- In Morocco, the cost of basic school supplies per child will exceed 50% of a family’s total monthly income with an average of 2.29 children in the household.
- In Zimbabwe, the cost of sending children to school this year is more than six times the average household income.
- In Lebanon, the largest portion of the school budget will be spent on apparel this year, with 20% of a family’s average monthly income being spent on polo shirts.
- In Cameron, the cost of sending a household of children to school this year will be nearly four times their monthly income.
- In Ghana, school-bound children’s shoes account for nearly 25% of all costs this year, making them the highest expense.
- In Kenya, families will spend more than 1.75 times their household monthly income on school supplies.
- In France, families will spend more than 14% of their monthly income on sending children to school.
- In Spain, families spend nearly 13% of their monthly income on sending their children to school.
A recent study by WorldRemit looked at how inflation is impacting the daily behaviors and spending habits of 3,000 international money senders. A majority of respondents cited educational support as one of the primary reasons for sending money abroad, but noted that due to rising living costs, 52% now send money abroad to fewer people, and 72% now send only to close family.
Over 244 million people are classified as immigrants around the world, making up large proportions of the populations of countries like the United States (14.4% of the population), the UK (9%) Australia (30%) and Canada (21.5%).
Education costs are often top of mind for the nearly 250 million people who live in countries other than their own. For this reason, those working overseas to support family in their home country, planning for their child’s return to school can take months of financial planning.
See full results and learn more about the study.
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