Survey: Teens underestimate cost of back-to-school supplies - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Survey: Teens underestimate cost of back-to-school supplies

(Source: Raycom Media) (Source: Raycom Media)
(KFVS) -

A new survey finds a majority of teenagers in the U.S. believe back-to-school supplies cost less than what their parents actually pay.

According to a survey conducted by Junior Achievement USA, 78 percent of teens think their parents pay less than $500, but the Backpack Index shows parents of teens spent anywhere from $957-$1,498 on back-to-school supplies this year.

"Money can sometimes be an abstract concept to kids, even teens," Jack Kosakowski, President and CEO of Junior Achievement USA, said. "Back-to-school time can be a teachable moment. Parents should take their kids shopping with them to increase their financial awareness and gain a better understanding of what things really cost. This helps teens better understand the cost of living."

Only five percent of teenagers believed their parents spent $500 or more.

The non-profit organization surveyed more than 1,000 teens to find the results, which revealed some teens understood the cost of going back to school  and how it can present financial difficulties.

Twenty percent of the teenagers surveyed said their parents had financial problems paying for school supplies.

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