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Peer pressure: the £6bn hidden cost of raising children?

Girls textingAs the school holidays come to a close, parents up and down the country are making sure they’ve bought enough stationery, school uniforms and so on ahead of another year of education for their children. 

But as well as the essentials, there’s often a hidden cost. New research* (from Sainsbury’s Bank) has found that almost half (48%) of parents feel they need to spend money on items for their children based on peer pressure, such as the latest smartphones, the trendiest clothes or the biggest parties.

This can add £865 to the average annual family household outgoings – making nearly £6 billion in total across the UK.

What are the main ‘peer pressure’ costs?
Not surprisingly, the desire to have the latest technology like phones or tablets tops the list (44%), with fashionable clothing (43%) and school trips/excursions (42%) next up.

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