BRIGHTON, EAST SUSSEX, December 07, 2008
/24-7PressRelease/ -- According to new research out today by Family Investments, the family savings and investments specialist and UK's leading
Child Trust Fund provider. This is barely enough to afford some of the items on this year's top ten Christmas toy list and is significantly less than last year, where parents spent on average 115* on each child.
As the credit crunch crisis worsens, parents will be cutting back considerably on the amount they spend on each child this year, as 71% would prefer any spare cash to go towards longer term savings for their children.
Manchunians will be splashing out the most on Christmas presents with an average spend per child of 108, compared to Londoners who's average spend this year will be 60, suggesting that London is the region that is feeling the brunt of the economic crisis.
Grandparents are set to be spending an average of 50 and up this year, with Scottish Grandparents being the most likely to spend over 200. However, the research revealed that parents would prefer alternative Christmas presents for children from grandparents this year with more than half of parents (54%) saying they would prefer Grandparents to make a payment into their child's savings account as a Christmas gift and give a smaller present instead.
Kate Baker, Head of savings and investments at Family Investments said: "Christmas is always an expensive time of year, and parents are planning to cut back on children's presents this year, in order to help the strain and enable them to still keep their longer term savings topped up. In our experience saving for a child's trust fund is still a priority with 36% of parents willing to suggest to Grandparents a donation towards their child's savings, instead of presents this Christmas."
Family Investments surveyed 1000 UK parents, aged 16 and above September 2008
*Research by Churchill Insurance 2007
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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