Zepz’s digital remittances brand, WorldRemit, has unveiled its eye-opening findings on how the price surge of school supplies is affecting families worldwide — with 40% of countries to pay more than their monthly income on school supplies this year
Interestingly, countries like Canada, the U.K., and Australia witnessed a slight drop in the percentage of income allocated for school supplies, while France and Spain faced significant increases. French families may have to set aside 5% of their monthly budget, whereas Spanish households can expect a whopping 7% jump in basic school supply expenses compared to last year.
Yet, the real shocker lies elsewhere. Some regions experienced a staggering 78% average yearly cost hike! For the one in nine people worldwide relying on remittances from working relatives abroad, these increases pose serious challenges. These crucial financial lifelines not only help with supplies but also tackle steep tuition, transportation, and childcare expenses.
The rise in prices has been particularly drastic for specific items. Down under in Australia, a pack of 12 pencils has skyrocketed over four times its previous cost, while in India, notebooks are almost 6 times more expensive than in 2022.
The world has witnessed a significant increase in migrants, with 3.6% or 281 million of the global population identifying as such, a number steadily climbing over the last three decades. This surge in migration corresponds with a remarkable increase in remittances, soaring from U.S. $126 billion in 2000 to an astonishing $700 billion in 2020. The top 5 sending countries in 2020 were the US, UAE, Saudi Arabia, Switzerland, and Germany.
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