THE AMOUNT OF money which parents spend on their child’s first holy communion has increased, according to a new survey.
Despite dwindling pay-packets, the average parent will now splash out €600 on the day – a €70 rise on last year – according to the study by the EBS.
The survey found that 90 per cent of adults believed that giving a child €50 or less was appropriate, with the average sum per person being €37. While 70 per cent of those surveyed believed that giving children money was appropriate, 62 per cent insisted that this should be done within reason.
Children will now come away from the day with an average of €416 in gifts, in contrast to €398 last year.
The results show that most children (67 per cent) will save the majority of the money they receive, however this is slightly down from last year when 70 per cent of children planned to save most of their gifts. Some 71 per cent of parents said they encouraged their children to save more so that they will be better prepared for the future – two per cent up from 201o – according to the study.
The survey also explored how parents felt the economic downturn would effect children’s attitudes to money: while 79 per cent felt that the recession would negatively impact children, 69 per cent thought that it would encourage them to be more careful with their finances.
The EBS questioned 1,000 Irish consumers online between 14 and 19 April.
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