WHEN IT CAME to First Holy Communions this year, on average, families spent €713, a four per cent fall when compared to last year.
According to a study by Ulster Bank, Communicants were given an average of €521, up 21 per cent from last year.
The survey also showed that a child’s dress/suit for the day cost €163, down nine per cent, while outfits for other family members cost around €190, up eight per cent on last year.
Parents are now spending less on parties, which cost around €291 in 2013, down four percent, while children’s entertainment cost €69, down 20 per cent.
The most popular items children bought with their Communion money are video games (42 per cent), followed closely by toys (37 per cent) and clothes (35 per cent). One in every 10 children have not spent any of their Communion money and opted to save it instead.
Nine out of 10 parents were in a position to pay for their child’s First Holy Communion with their own savings, while less that five per cent of parents took out a loan. Of those who chose lending, the average amount of money borrowed has more than doubled from €343 to €837.50.
Jim Ryan, Managing Director of Branch Banking, Private Banking and Financial Planning at Ulster Bank said encouraging children to save their money from an early age has positive consequences down the line:
Receiving such a large sum of money is an opportunity to instill the importance of saving from an early age and to start to equip children with the skills to deal with financial decisions.
We’d like to know what do you think about the survey’s findings, are parents going mad spending on their children, or do you think it’s probably just right.
Poll: Is €713 too much to spend on your child’s First Holy Communion day?
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