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Parents to spend £178 per child this Christmas

Parents to spend £178 per child this Christmas

Category: Money

Updated: 08/12/2011
First Published: 07/12/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Mums and dads will spend an average of £178 on presents and stocking fillers for each of their children this year.

It means that some £2.47 billion will be splashed out on Christmas presents this year, research from LV= has found.

With children finishing off their Christmas lists, parents are set to spend an average of £157 on main presents for their kids, with another £21 to fill up their stockings.

The £178 price-tag for each child is an increase from the 2010 festive period, when parents laid out an average of £168.

Children aged 7-11 can expect to find the biggest stack of presents come December 25th, with gifts worth an average of £220 waiting to be unwrapped.

Children aged 12-17 years old are also likely to be pleasantly surprised by their Christmas haul, with gifts worth £217 waiting for them.

The pressure to spend, spend, spend at Christmas is taking its toll on parents, with a third admitting to feeling under more financial pressure to buy their children what they want when compared to previous Christmases.

With kids' presents taking a large chunk out of their Christmas budget, over a quarter of parents (29%) admit they will have to cut back on how much they spend on other family members this Christmas to help balance their budget.

Some parents are clearly looking to avoid any tears on Christmas morning with one in twelve (8%) having already spoken to their children about not expecting as much this year.

"Many families will be feeling the financial strain of keeping their kids happy this Christmas, so it's important parents try and look beyond the short term and also ensure they have suitable budgets and longer term financial plans in place," said Mark Jones, LV= head of protection.

"Even a small drop in a family's income can make it hard to balance the books, especially at this time of year, and people should make sure they have adequate protection in place to look after their finances if the unexpected should happen."

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