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Back-to-Basics

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A new survey indicates this will not be a banner year for back-to-school shopping. Nearly two-thirds of parents surveyed reported that current economic conditions like rising gas and food prices and talk of a recession will impact how much they spend on back-to-school items this year. Capital One has conducted its eighth annual back-to-school shopping survey of 1,260 parents that also shows 77% of parents have not planned a back-to-school budget, 76% of parents have not made a list of back-to-school items, 54% have not discussed the difference between “needs” vs. “wants” with their child and 60% have not discussed back-to-school finances at all with their child. Those who plan to spend over $125 on back-to-school shopping dropped to 45% for 2008, compared to 52% in 2007, and 38% have discussed how much they would spend on the supplies with their teens. Among the teens surveyed, 69% say all they know about managing money was learned from their parents, 50% expressed an interest in learning more about managing money, 76% want to learn about the basics of finance, 76% of teens said they were interested in learning about financing big purchases, 70% are interested in learning more about investments and 86% expect their parents to join them on back-to-school shopping trips.

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