SOURCE: Huntington Bancshares Incorporated

Huntington Bancshares Incorporated

July 29, 2015 06:00 ET

Parents Can Expect to Pay Nearly $3,000 for School Supplies and Activities for Three Children in Grades K-12, According to the 2015 Huntington Bank Backpack Index

The Cost May Be as Much as 10 Percent of a Low-Income Family's Yearly Income

COLUMBUS, OH--(Marketwired - July 29, 2015) - Parents with three children in elementary, middle and high school can expect to pay as much as $3,000 for school supplies and extracurricular activities for the 2015-2016 school year, according to the Huntington Bank Backpack Index released today.

Since Huntington Bank first introduced its Backpack Index in 2007, the cost of supplies and extracurricular activities has increased 85 percent for elementary school students, 78 percent for middle school students and 57 percent for high school students.

The double-digit price trend is continuing for the 2015-2016 school year with an almost 10 percent increase for high school students because many juniors and seniors take several college entrance exams. Only elementary and middle school prices saw a slight stabilization with a 1% and 2.5% cost increase respectively. For a complete list of the Index supplies and costs visit: https://www.huntington.com/backpack/2015-index-data.xls.

Specifically, according to the Huntington Bank Backpack Index, parents can expect to pay:

  • $649 for elementary school children, a 1 percent increase compared to 2014
  • $941 for middle school children, a 2.5 percent jump compared to 2014
  • $1,402 for high school students, a 9 percent increase compared to 2014

"Huntington Bank issues its annual Backpack Index each year to help families budget and save for the school year," said George Mokrzan, director of economics for Huntington Bank. "With the ongoing slow growth in wages, it is difficult for many families to meet the rising costs of sending children to school. For a family of five living at the poverty level guideline of $28,410, the cost of sending three children to school would consume as much as 10 percent of their income."

According to recently released data from the U.S. Department of Education, one in every five school-age children were living below the federal poverty line in 2013, equaling 10.9 million children.

"Low-income students represent the majority of kids in American public schools when taken as a whole," said Communities In Schools President Dan Cardinali. "We work closely with and in public schools and see that many students cannot afford a backpack or the list of supplies they need to learn. While teachers and many school districts do what they can to help students obtain supplies, we need do to more. By donating to nonprofit organizations like Communities in Schools or giving to churches and civic groups that hold supply drives each year, we can ensure all our students have the tools and support they need to succeed in school."

Communities In Schools is a dropout prevention organization that operates in more than 2,400 schools in the most challenged communities of 26 states and the District of Columbia. It serves nearly 1.5 million young people and their families each year by connecting students and their families to basic and critical educational and community-based resources, tailored to each student's specific needs. For more information, visit http://www.communitiesinschools.org/about/where/#state_.

Huntington Backpack Index Methodology
Huntington annually obtains classroom-supply lists from a cross-section of schools throughout the six states it serves and compiles a representative list of required supplies and fees. Costs are determined by selecting moderately priced items at online retailers. Huntington also gives 13,000 backpacks to low- to moderate-income children within its markets. Backpacks are donated this year by the Michigan-based Meijer stores and Guy Brown.

About Huntington
Huntington Bancshares Incorporated is a $69 billion asset regional bank holding company headquartered in Columbus, Ohio, with a network of more than 700 branches and almost 1,500 ATMs across six Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement and capital market services that extend beyond its core states. Visit huntington.com for more information.

Contact Information