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Parents spend over £3,000 on Christmas presents per child up to 18

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
24/11/2015

Parents will spend more than £3,000 on Christmas presents for their child by the time they reach the age of 18, according to a new study.

Researchers found that half of parents buy their children between six and 15 presents at Christmas, spending £177 per child per year.

If parents were to invest that money in a children’s savings account, it could build up to £4,720 after 18 years, according to Halifax, which commissioned the research.

More money is spent on 10 and 13 year olds who receive £228 worth of gifts from their parents, while one year olds have the least spent on them by parents, an average of £109.81.

On average, children receive £120 in cash at Christmas from parents, friends and relatives and 17 year olds receive the most Christmas money – an average of £170. One in six (16%) children save all their Christmas money, but the majority (44%) spend some and save some. One in four children (26%) spend all of their Christmas money.

Giles Martin, head of savings at Halifax, said:“Whilst of course most parents would not want to miss the look on their children’s faces when they come downstairs on Christmas morning to see what is waiting for them under the tree, this research shows just how much parents are spending each year on Christmas presents and how that builds up over the years. Even just saving a small amount away for your child each year could be a nest egg that proves to be the ultimate Christmas present for the future.”

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