WorldRemit: Education pursuit gulps over 50% of households monthly income

A recent study conducted by WorldRemit has shed light on the significant financial burden that households around the world face when it comes to purchasing educational supplies. The report, which focused on the true cost of education in 10 countries, highlighted the alarming fact that households spend over 50% of their monthly income on these supplies. Gbenga Okejimi, the Country Manager for Nigeria and Ghana at WorldRemit, discussed the key findings of the study in an exclusive interview with CNBC Africa. According to Okejimi, the study was conducted to understand the financial strain that families, particularly in the diaspora, experience during back-to-school periods. The study aimed to determine the average cost of primary education in various countries, including the US, the UK, Canada, Tanzania, and Nigeria. Okejimi emphasized that the back-to-school period is a time when many families rely on remittances from relatives abroad to cover the high costs associated with education. The study focused on the physical items that parents typically purchase for their children, such as school uniforms, PE kits, stationary, and other extras. In Nigeria, the study revealed that families spend an average of 241,000 naira on back-to-school supplies, which equates to more than 50% of their monthly income. The high cost of school uniforms was identified as a major expense, accounting for a significant portion of the overall expenditure. Additionally, expenses related to stationary, books, PE kits, and extracurricular activities also contributed to the financial burden faced by families. To conduct the research, WorldRemit collected data on the prices of primary school items from popular online retailers in each of the 10 countries. The study highlighted the disparities in educational expenses across different countries, emphasizing the need for affordable education options for families worldwide. Okejimi underscored the importance of addressing the financial challenges associated with education and called for innovative solutions to make education more accessible and affordable for all families. The study's findings serve as a wake-up call for policymakers, educators, and stakeholders to prioritize education affordability and support families in meeting the rising costs of educational supplies.