LONDON, United Kingdom, /African Media Agency (AMA)/-WorldRemit today announced the results of its 2022 Cost of School study , observing how the changing macroeconomic environment has affected the true cost of education across 21 markets globally.
With the back-to-school season fast approaching, the study, first launched in August 2021, 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.
Of the 10 countries examined in both 2021 and 2022, four are considered developed countries: United Kingdom, United States, Canada, and Australia. The 2022 findings reveal the average household income decreased by 4%, fertility rates remained steady and the cost of basic school supplies increased by more than 7% on average.
2022 – All figures are in USD
Of the remaining six countries indexed (Nigeria, Philippines, Mexico, India, Tanzania and Uganda), household income decreased by an average of 4% and fertility rates remained steady. Meanwhile, the cost of school supplies ranged from a 57% increase year-over-year in India to a 40% decrease in the Philippines, while the average increase across the other countries hovered around 5%.
Across all 10 countries observed in both 2021 and 2022 studies, the dramatic increase of specific school items illustrates how inflation is hitting home on schooling costs and impacting families across the world, depending on how many items they needed to buy for this upcoming year:
2022 study: findings of the 11 additional countries observed
To advance this annual study, WorldRemit observed eleven new countries, looking at the standard school supply costs. Of these, Zimbabwe showed the highest costs relative to average family size and monthly income at nearly 700% of the average family household income. Other countries, including Morocco, Cameroon, Ghana, Kenya and Guatemala all can expect to pay more than 100% of their monthly household income on school supplies this season.
WorldRemit recently connected with 3,000 international money senders to learn how inflation is impacting their daily behaviours and spending habits. The group listed educational support as one of the three primary reasons they send money overseas, but noted that as a result of the rising living costs, 52% now send money abroad to fewer people, with 72% now only sending to close family.
More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries like the United States (14.4% of total population), UK (9%) Australia (30%) and Canada (21.5%).
For the nearly 250 million people who live in different countries than their families, understanding the true cost of education is often top of mind. As such, planning for a child’s return to school can take months of financial planning for those working overseas to support family in their home country.
To learn more about the study and see full results, visit https://www.worldremit.com/en/back-to-school
Notes to Editors:
In the study, WorldRemit looked at the following countries and researched basic school supplies:
The primary school items were selected based on the most common back to school items. The price of each item was searched for online and the lowest price item was selected from one of the most popular online retailers in that country. The prices were researched in July 2022. The exchange rate from the local currency was calculated on 06/08/2022 at 9:00 BST. The fertility rate and income was gathered from the CIA world factbook.
Distributed by African Media Agency (AMA) on behalf of WorldRemit.
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