New Research out today from Family Investments shows that the average spend per child this Christmas will be £60.This figure is down 48% compared to last years average spend (per child) of £115 and may leave many children needing to amend their Christmas list.
The credit crunch has ensured cut backs on what is spent on children. Parents are more concerned with saving money for their children longer term, and not just splashing out at Christmas. This is also the case with Grandparents; research shows that parents would prefer smaller presents and a payment into a savings account for Christmas, rather than armfuls of gifts.
Head of savings and investments at Family Investments, Kate Baker, said: 'Christmas is always an expensive time of year, and parents are planning to cut back on children's presents this year, in order to help the strain and enable them to still keep their longer term savings topped up. In our experience saving for a child's trust fund is still a priority with 36% of parents willing to suggest to Grandparents a donation towards their child's savings, instead of presents this Christmas.'
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