Many parents are cutting down on Christmas present expenditure this year, and opting to put the extra money towards their savings instead. A recent survey has shown that parents are planning on cutting down what they normally spend on presents for their children, and choosing to put the extra money in their savings accounts.
According to several surveys, the average amount of money spent on a child during the holidays last year was £115 each for presents alone. This year, the surveys are showing that over 70% of parents are choosing to cut down on their spending and putting the money into savings instead. The average child this year could expect presents worth around £60 instead with more money going to their bank accounts. Many parents would prefer if the children’s grandparents followed the same principle and opt for long-term savings instead. Christmas has always been a financially difficult time for many people, and with the ongoing recession long-term savings have to be kept foremost.
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