A lot of parents are having to reevaluate their finances amid a new school year.
The pandemic and economic shutdown have already hit our wallets hard. However, many parents are also dealing with the added costs of keeping their children at home, as schools hold classes online. Bankrate analyst Ted Rossman says their recent survey found 3 out of 5 parents say remote learning will negatively impact their finances, whether it's their career or additional expenses.
“You might need a set of supplies in the classroom and a separate set at home,” Rossman said. “Or maybe you need to buy a new computer or tablet or upgrade your internet package.”
Rossman says that includes parents of all ages and ethnicities. Aside from the financial hit, 42 percent of parents say remote learning will have a negative impact on their child's education.