Back to school costs are sending many parents to their local Credit Union for small loans this year.
Figures studied across the four branches of Roscommon Credit Union for the first weeks of this month show a major increase in school loans this year compared to the same time in 2021.
Credit union CEO Bernie Moran says many families are obviously feeling the pinch due to inflation and cost of living generally and they have decided to take out small amounts to cover the costs for September.
Speaking on the Let's Talk show today, Bernie says that not only are more families getting owns this year, but the amounts being withdrawn from savings to cover the costs are also significantly higher.
''When you take the first two weeks in August, this is what really surprised us on Friday when we were looking at the figures, we had lent nearly €60,000 for this particular purpose. And when we measured it against what we were asked for the first two weeks of August last year it was €3000. I suppose another interesting statistic and we noticed it last year like €500 would have been, you know, a typical amount, one child, two children in primary school or whatever. But we noticed this year that has gone to the €1000 nearly €1000 is is the minimum amount.''
