Parents gift children average £109 each at Christmas

New research by Halifax has found that over three-quarters of parents will give children money at Christmas with their children receiving £109.93 on average.

The research found that over three-quarters of parents (76%) make gift giving a touch simpler, by handing over cash at Christmas time with money also gifted on birthdays. The pros and cons to having a birthday during the festive season, almost four-fifths of parents (79%) say they give birthday boys and girls an average £79.70in cash –meaning a potentially bumper payday of almost£190 for children who turn a year older in December.

In addition to the cost of gifts, celebrating a child’s birthday is also tough on the parental purse. Over half of parents (54%) are happy to throw their kids a party outside of the home and, while most (45%) would cap the guests at 10, a generous fifth (22%) would allow up to 15 children to join in the celebrations. With parents prepared to pay an average £ 19.74 per head, many parties can therefore set parents back somewhere between £200 and £300.

Darren Tong, Savings Director, Halifax, said  “Christmas and birthdays are opportunities to make magical memories but there’s no denying the financial pressures they can make parents feel under. A good tip is to plan ahead and have separate savings pots for birthdays and Christmas, putting aside a little each month throughout the year, so you’re covered when you need to pay a lump sum for a party or gift. You can also gently involve children in general Christmas spending –on food, or decorations -and take the opportunity to talk to them about making sure you don’t stretch yourself and or feel pressure to spend more than you can afford –you don’t need to break the bank to have a wonderful Christmas with family and friends.”