3 In 5 Parents Say Remote Learning Will Negatively Impact Their Finances

It’s hard to believe, but summer is almost over and another new school year is only a few weeks away. However, due to the ongoing coronavirus pandemic, distance and hybrid learning will become the new normal this fall. Those with school age children will need to adjust in order to make this situation as successful as possible and many parents are in the process of converting their homes into a virtual learning space for their children.

This change in schooling is not only disrupting the educational system as we’ve known it, but a new survey conducted by Bankrate revealed that “61% of parents with school-aged children are forced to re-evaluate their finances and careers as they prepare for a unique school situation”. Parents also revealed that “they are not feeling particularly optimistic about the educational side of remote learning” with 42% of respondents anticipating negative impacts on their child’s education. 

One of the huge tangible expenses that goes along with remote virtual learning is technology. In the past, most pre-school children and even middle/high-school children did not have access to their own laptops, as it was not necessary for their educational success. However, remote learning is forcing all students, regardless of age or grade, to have undivided access to their own digital device to access their teachers, homework, and resources. And those families who had shared technological devices amongst a few family members are now forced to purchase a device for each person, which is a huge added expense. However, before purchasing your child a new computer, please check with your school to find out whether they are providing laptops for each student for the upcoming year since many districts will be offering them.

Another factor that will negatively impact parents as children begin remote schooling is time. In the pre-coronavirus world, parents had the ability to drop their children in school, enroll them in after-school activities, while also fully engaging in their personal careers. With students learning from home, needing supervision and assistance in their learning, parents are worried it will negatively impact their careers and work/life balance. Some parents will find they have to cut work hours to help their children learn or incur additional expenses such as tutors/babysitters so that they can continue to work. And on top of that, some parents may need to quit their jobs completely. 

While this transition will be difficult for many, it is crucial to remember the importance of utilizing all your resources, which we have spoken about in previous blogs. Reach out to family members for help, scan the web for good deals before making a big purchase and remember that we are all in this together. Lastly, as we adjust to our new complicated normal, remember to keep track of your finances and manage your money. You may find it useful to create a new budget for the upcoming school year since it is likely to look different than it did in the past. As always, if you have any questions about your portfolio or finances, please reach out to us and we are happy to help!