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Grandparents splash the cash this Christmas

Grandparents splash the cash this Christmas

Category: Money

Updated: 21/12/2015
First Published: 21/12/2015

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 It is now over 6 months old so the content may be out of date.

Christmas is always a time to indulge in treats for your loved ones, and it seems that this year is no exception. Indeed, research by MBNA has found that grandparents will be particularly generous towards their grandchildren this Christmas, with an average of £74 being spent on each lucky grandchild.

A time for giving

MBNA's survey found that grandparents were really getting into the Christmas spirit this year, with plans to spend around £683 in total on the festivities. More than 14% of those questioned were planning to be extra indulgent with a budget that exceeded that of 2014, and only 5% of respondents said that they were hoping to cut back on last year's spending. That means many grandchildren will find some extra goodies hidden under their tree this year.

Grandparents living in London were found to be the most generous, with plans to spend a whopping £111 per grandchild, swiftly followed by grandparents in the North East (£100), Scotland (£93), the East Midlands (£82) and Wales (£79). But how are these costs going to be covered?

Well, it's to be hoped that many will dip into their savings to buy all the gifts and special treats, but others may turn to credit. Savvy shoppers may make the most of cashback or reward cards, which will put something back into their pockets once all the presents are bought, while others may turn to 0% purchase cards. Whichever form of credit you use, make sure you budget carefully, and if your card has a 0% interest term, make sure you know when it expires. By paying off the amount before the term ends, you can spread the cost of your shopping without worrying about interest adding to the bill!

What next?

Find the best 0% purchase credit cards

Check out the top cashback deals

Want to start preparing for next Christmas? Check out the best regular saving accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.