Sydney, 26 Jul 2023 – A leading digital remittances provider has released its third-year data and findings on the escalating costs of school supplies, including the Philippines and other affected countries globally. The study highlights how rising expenses for educational items are affecting families worldwide.
The Philippines
According to the study, school supply costs in the Philippines have increased by 16% this year, putting additional strain on household budgets. Families are now expected to allocate 51% of their monthly income to cover the expenses of essential school items, such as pencils and notebooks. The sharp increase in costs is particularly challenging for families with limited incomes, making it harder for children to access quality education.
The Philippines has a substantial migrant population, with millions of Filipinos living and working abroad. With approximately 10 million Filipinos overseas, remittances play a vital role in supporting families back home, especially during the back-to-school season. The study underscores that education is among the top three reasons why people in the Philippines receive remittances. As the cost of living rises, migrants are making conscious efforts to allocate funds to ensure their loved ones have access to the necessary supplies for their education.
Global Impact
The study further highlights that school supply costs have risen significantly across the globe, impacting families in various countries. Countries in the Americas, Europe, Africa, and the Asia-Pacific region have all experienced cost increases, with yearly changes averaging at 78% in some regions.
With approximately 3.6% (281 million) of the global population identifying as migrants, remittances play a crucial role in supporting families worldwide. As remittance flows surpassed US $700B in 2020, families rely on these funds to bridge the gap between rising education expenses and their limited incomes. Remittances provide the much-needed financial support to ensure children have access to the tools and resources they need to succeed in their studies.
About the Study
The research conducted by WorldRemit covered 21 countries and examined the prices of basic school supplies for 2023. It found that costs have increased in almost every country, with some experiencing substantial spikes in specific items. The study brings attention to the significance of remittances in supporting families in the Philippines and other parts of the world as they navigate the rising costs of education.
The research conducted by WorldRemit covered 21 countries and examined the prices of basic school supplies for 2023. It found that costs have increased in almost every country, with some experiencing substantial spikes in specific items. The study brings attention to the significance of remittances in supporting families in the Philippines, and other parts of the world as they navigate the rising costs of education.
Learn more about the study and explore the complete results.
