BRIGHTON, EAST SUSSEX, December 1, 2008
/24-7PressRelease/ -- Despite the current economic crisis, grandparents are set to spend 50 on average per grandchild at Christmas. And with British grandparents having an average 4 grandchildren*, that is upwards of 200 on kid's presents alone according to new research out today from Family Investments, family savings and investments specialist and UK's leading
Child Trust Fund provider
Grandparents in Scotland will be spending more than the rest of the country this year, being the most likely region to spend over 200 on one grandchild alone. In contrast grandparents in the East will be spending the least, with a budget of between 25 - 50.
But despite Grandparent's best intentions, parents would prefer alternative Christmas presents for their children from grandparents this year, with more than half of the parents questioned saying they would prefer grandparents to make a contribution towards their child's savings account alongside a smaller gift. Yet almost two out of every three parents (64%) feel too uncomfortable to broach the subject without being asked.
Kate Baker, Head of savings and investments at Family Investments said: "Grandchildren are central to the lives of many grandparents and so it is no surprise that they want to treat their grandchildren at Christmas. But spending 50 on Christmas gifts might not necessarily be the right thing in the eyes of parents."
"My message to well-meaning grandparents, would be to talk to the parents of your grandchildren and ask them what they would prefer. In our experience, parents feel that the grandparent's already do enough for the children or they don't feel comfortable raising the subject of money. But re-directing your generosity and making a donation into the children's savings account, along with a small present on the day, will create a more lasting and welcome legacy."
Family Investments surveyed 1000 UK parents, aged 16 and above September 2008
* Dench G and Ogg J, Grand-parenting in Britain: A Baseline Study, (July 2002) Institute of Community Studies
About Family Investments
Family Investments is the trading name of Family Assurance Friendly Society - one of the UK's largest Friendly Societies with in excess of 1.7bn funds under management and over 1m policies.
Family Investments is the market leading Child Trust Fund provider with our Child Trust Fund account available in approximately 18,000 high street locations - four times greater than any other provider. Family's partnerships include the Post Office, Barclays, Sainsbury's Bank, Bounty, Coventry Building Society, Bradford & Bingley, Clydesdale Bank, Northern Bank, Yorkshire Bank, Nectar and Early Learning Centre.
Family Investments is authorised and regulated by the Financial Services Authority.
Source: Family Investments
Website:
http://www.familyinvestments.co.uk# # #
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