Kenyan families to spend more than 1.75 times monthly household income on school supplies
Kenyan families to spend more than 1.75 times monthly household income on school supplies.
Kenyan families were among a study conducted by WorldRemit, a global payments company. The survey concluded the findings of its 2022 Cost of School study, which examined how the changing economic environment has affected the true cost of education in 21 markets around the world.
According to the study, Kenyan families will spend more than 1.75 times their monthly household income on school supplies. The study, which is set to be released in August 2022, 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.
Findings from previous years;
Four of the ten countries examined in 2021 and 2022 are considered developed: the United Kingdom, the United States, Canada, and Australia.
The results for 2022 show that the cost of basic school supplies climbed by an average of more than 7%, fertility rates remained stable, and the average household income declined by 4%.
Household income declined by an average of 4% in the remaining six indexed nations (Nigeria, Philippines, Mexico, India, Tanzania, and Uganda), while fertility rates remained stable. The price of school supplies fluctuated between a 57% year-over-year increase in India and a 40% fall in the Philippines, while the average increase across the other nations was approximately 5%.
According to the number of items families needed to purchase for the upcoming school year, the sharp increase in the price of a few select school supplies across all 10 countries reported in the 2021 and 2022 studies demonstrates how inflation is harming families globally and driving up the cost of education.
- In the UK, the price of a backpack increased by more than twofold between 2021 and 2022, from $8.98 to $19.03 USD.
- Australia had the price of a jumper climbed by 266% From $9.86 to $26.28 USD.
- The price of a single pencil climbed by 33% year over year in the Philippines, while households might anticipate to save money overall.
- Families in Mexico should anticipate spending 10% more on school supplies this year, with notable price hikes for water bottles (+264%), gym shoes (+200%), and pencil sharpeners (+29%).
- Nigerian families should anticipate paying 9% more for school supplies in, with a 30cm ruler seeing the biggest percentage increase (+30%).
WorldRemit noticed eleven new nations to advance this yearly study and examine the average cost of school supplies. Zimbabwe has the greatest expenses among them in terms of average family size and monthly income, coming up at about 700% of that figure. This season, households in other nations including Morocco, Cameroon, Ghana, Kenya, and Guatemala can all anticipate spending more than 100% of their monthly family income on school supplies.
- Standard school supplies in Guatemala cost a family roughly US $670, but the average household only earns US $328.75 per month.
- For the forthcoming school year, Colombian households can anticipate spending more than 15% of their monthly budget on drawstring gym bags for their kids.
- The most expensive things in the Dominican Republic are gym shoes and workout books, with physical education sessions costing the highest overall.
- In Morocco, the average family has 2.29 children, and the expense of a child’s essential school supplies will consume more than 50% of a family’s total monthly income.
- In Zimbabwe, the expense of sending a family’s children to school this year will be more than six times the median income of a household.
- This year, clothing in Lebanon will account for the largest percentage of the school budget, with polo shirts costing a family more than 20% of their average monthly income.
- In Cameroon, the expense of sending a family with kids to school this year will be close to four times the family’s monthly income.
- In Ghana, the cost of children’s basic shoes for school represents the largest expenditure, making up almost 25% of total expenditures this year.
- In Kenya, households will spend more on school supplies than 1.75 times their monthly household income.
- In France, it will cost a family more than 14% of their monthly income to send all of their children to school.
- In Spain, families will spend close to 13% of their monthly income to send their children to school.
Recently, WorldRemit spoke with 3,000 foreign money senders to find out how inflation is affecting their daily routines and purchasing patterns. The group observed that one of the top three reasons individuals transfer money abroad is to fund education, but that due to increased living expenses, 52% now send money abroad to fewer people, and 72% now only contribute to close family.
More than 244 million individuals worldwide fall under the category of immigrants, making up sizable portions of the populations in places like the United States (14.4% of the world’s population), the United Kingdom (9%), Australia (30%), and Canada (21.5%).
Understanding the true expense of schooling is frequently on the minds of the almost 250 million individuals who reside in a different nation than their relatives. As a result, for individuals who work abroad to support family in their home country, saving money for a child’s return to school can take months.