More than 3 in 5 parents (61%) with school-aged children say remote learning during the 2020-21 school year would negatively impact their finances, according to a new survey from Bankrate.com.
“Most students will be learning remotely this fall, and that alone will strain more than half of their parents’ household budgets. We’ve seen a record string of initial jobless claims – over one million every week since March,” said Bankrate’s industry analyst Ted Rossman.
Thirty percent of parents feared they would incur additional miscellaneous expenses related to technology, tutoring, meals and more.
Additional findings uncovered:
- 23% believe their career opportunities would be limited by balancing work and childcare,
- 22% would have to cut back on their work hours,
- 16% would have to pay for additional childcare,
- and 15% would have to stop working entirely.
“As long as the virus continues to spread widely, it’s hard to envision a full recovery, whether we’re talking education, employment, travel or anything else,” said Rossman.
Parents with kids between the ages of 5-10 would be hit the hardest, with two-thirds of these parents (67%) saying they anticipate negative financial impacts with remote learning. That number drops to 57% for those with children between the ages of 11-15 and 46% for those with children ages 16-18.
Millennial parents (ages 24-39) also foresee more of a strain on their wallets (73%) vs. 49% of Gen Xers (ages 40-55).
Households with higher incomes ($80k+) see more negatives when it comes to online learning’s potential impact on their children’s education than positives (48% negative/36% positive) compared to middle-income households ($40k to $80k, 39% negative/32% positive) and lower-income households (under $40k, 38% negative/35% positive).
Politically, Republicans slant positive (43% positive/38% negative), whereas Democrats tilt negative (39% negative/33% positive).
“These findings suggest the economic recovery will continue to be slow,” Rossman concluded.
The complete results of the survey may be found by clicking here.