Could equity release help with back to school costs?

Parents will be shelling out more than £1.2 billion in order to equip their kids for the start of a new school year, according to a new piece of research.

This significant rise in expenses could lead to more people considering the option of equity release schemes.

The study carried out by Gocompare.com found that parents on an average will be spending as much as £134 to prepare each child for school.

While geometry sets, calculators and plimsolls came out on top of the shopping lists, PE kits, school bags and new school uniforms were just as important.

However, a large number of parents would also be buying their kids a new mobile phone or laptop.

Phil Paterson-Fox, head of home and pet insurance at Gocompare.com, said: "While getting children ready to go 'back to school' can be expensive at this time of year, parents are increasingly faced with the prospect of their children packing their school bags with ever more valuable items."

Parents could seek out equity release advice to balance their finances, as it was recently revealed that Britons have more in personal debt than what the country generates as whole.

Ashall Glover Financial Services advising on equity release schemes

Posted by Patrick Ashall