Italian families borrow to buy their kids schoolbooks

Books biggest expense, average family spends 710 euros a year

(ANSA) - Florence, September 1 - One in 20 Italian families will have to take out a loan to pay for their children's education in 2014, according to a study by Findomestic spending watchdog.
    Families will pay an average of 710 euros a year for their children's schooling, or 10 euros more than last year.
    Households with just one school-age child will be set back an estimated 606 euros, while those with two kids in school will spend an estimated 857 euros, the study showed.
    As many as 18% of families will draw on savings to cover school costs, while 6% will rely on family or friends, and 4% will receive scholarships.
    Another 5% will seek out bank loans, up from 1.1% last year, the study found.
    Books and dictionaries are the biggest single expense for 71% of families, followed by satchels, transportation, computers, clothing, and school meals.


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