By Jonathan Mbiriyamveka
Cost of basic educational needs will cost six times more than the average household income in Zimbabwe, a study by WorldRemit showed.
Announcing the results of its 2022 Cost of School study Tuesday, WorldRemit said household incomes had decreased by 4% while costs had increased across majority of countries observed year-over-year.
The study observed how the changing macroeconomic environment had affected the true cost of education across 21 markets globally.
With the back-to-school season fast approaching, the study, first launched in August 2021, compares the average cost of basic educational needs with average annual incomes and fertility rates to determine the season’s financial impact on families around the world.
The year-over-year findings indicate that of the 10 countries examined in both 2021 and 2022, four are considered developed countries: United Kingdom, United States, Canada, and Australia.
The 2022 findings reveal the average household income decreased by 4%, fertility rates remained steady and the cost of basic school supplies increased by more than 7% on average.
“Of the remaining six countries indexed (Nigeria, Philippines, Mexico, India, Tanzania and Uganda), household income decreased by an average of 4% and fertility rates remained steady. Meanwhile, the cost of school supplies ranged from a 57% increase year-over-year in India to a 40% decrease in the Philippines, while the average increase across the other countries hovered around 5%,” the study reveals.
Across all 10 countries observed in both 2021 and 2022 studies, the dramatic increase of specific school items illustrates how inflation is hitting home on schooling costs and impacting families across the world, depending on how many items they needed to buy for this upcoming year:
- In the UK, the cost of a backpack more than doubled the amount, from $8.98 in 2021 to $19.03 USD in 2022
- In Australia, the cost of a jumper increased by 266%, from $9.86 to $26.28 USD
- In the Philippines, where families can expect to save overall, the cost of a single pencil increased by 33% year-over-year
- In Mexico, families can expect to spend 10% more for school supplies this year, with significant increases observed in the cost of a water bottle (+264%), gym shoes (+200%) and pencil sharpeners (+29%)
- In Nigeria, families can expect to pay 9% more in school supplies, with the item boasting the greatest percentage increase being a 30cm ruler (+30%)
According to 2022 study, WorldRemit observed 11 new countries, looking at the standard school supply costs.
Of these, Zimbabwe showed the highest costs relative to average family size and monthly income at nearly 700% of the average family household income.
Other countries, including Morocco, Cameroon, Ghana, Kenya and Guatemala all can expect to pay more than 100% of their monthly household income on school supplies this season.
“In Zimbabwe, costs to send a family’s house of children to school this year will cost more than 6 times more than the average household’s income.
“In Kenya, families will pay more than 1.75 times their household monthly income on school supplies,” the study showed.
WorldRemit recently connected with 3,000 international money senders to learn how inflation is impacting their daily behaviours and spending habits.
The group listed educational support as one of the three primary reasons they send money overseas, but noted that as a result of the rising living costs, 52% now send money abroad to fewer people, with 72% now only sending to close family.
More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries like the United States (14.4% of total population), UK (9%) Australia (30%) and Canada (21.5%).
For the nearly 250 million people who live in different countries than their families, understanding the true cost of education is often top of mind.
“As such, planning for a child’s return to school can take months of financial planning for those working overseas to support family in their home country,” the study revealed.
To learn more about the study and see full results, visit https://www.worldremit.com/en/back-to-school
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