After the summer, the dreaded September costs come: a period in which many families, after having invested a large part of their savings in their summer vacations, must face great expenses to prepare for the return of the smallest school in the house. The KRUK Group, the collection management company that offers affordable solutions to help its clients settle their debts, has conducted a study to learn how the Spanish population faces the costs associated with this period. According to this research, 52.9% of the people surveyed acknowledge that they do not plan in advance the purchases they will have to make at that time.
The reasons why Spaniards and Spaniards do not organize their expenses associated with “back to school” are diverse: 15.1% declare that it is impossible to plan because the expenses vary from year to year, while 13.7 % simply looks for ways to finance them directly when presented, without prior planning. Others do not plan because they do not need it, since they declare that they can easily bear these expenses (24.1%).
On the other side of the balance, 35.2% recognized saving money to have reserves in case the expenses were higher than expected, although the most organized people declare to plan their budget based on the expenditure of the previous year (28 , 7%), a percentage that has increased slightly compared to last year (3.3 percentage points).
Home economics and back to school
During the summer, more than half of the Spanish population invests between 100 and 500 euros per person in their vacations, a cost that exceeds the amount of their usual fixed expenses. Therefore, "back to school" can become for a large part of the population a difficult time for their domestic economy. In this sense, according to data from the KRUK study, 18.3% of the people surveyed have had difficulty at some time to finance themselves in this period.
Faced with this situation, more and more people are turning to loans and loans to meet expenses. 38.9% consider that asking for a loan to finance the expenses derived from that period of the year is a good idea, a figure that has increased compared to the previous year (2018: 34.19%)
“The return to school is one of the hardest times of the year for the domestic economy of families, as they have to face large disbursements for school expenses during the first half of September, just after returning from vacation. A part of the population has even had previous difficulties to pay their summer vacations, to which these new expenses are added. Therefore, the arrival of September represents a real threat to the pockets of many Spaniards. ”Comments Francisco Álvarez, director of investments in NPL and business development at KRUK Spain. Álvarez adds: "Planning the expenses that will have to be made in the‘ back to school 'and start saving for it in the first half of the year is the key to not borrowing when September arrives. "
* Research organized by KRUK among 1000 people of general population, residents in Spain, over 18 years.
About KRUK Group
Founded in Poland in 1998, KRUK Group is a leading debt collection company with more than 20 years of experience. The objective of the company is to offer affordable solutions so that customers can take care of their debts. The basic strategy of the KRUK Group is to negotiate with the indebted clients the dates and conditions of payment, taking into account the current economic situation of each. This solution allows the organization of the payment terms of the debt in amounts adapted to the capacity of each person. In 20 years, the company has gone from being a small company with just a dozen employees to becoming an international group, with a team of around 3,046 people and presence in several European markets.