According to a recent survey parents should be spending less money on Christmas presents and saving instead. In Great Britain, a survey asked children 8 to 15 years old questions about Christmas presents and how much money their parents spend on them. The results actually surprised me.
Of the children surveyed:
48% said their parents spend too much money on presents for them
47% wanted the money to be put into a savings account for college
The results for the parents surveyed were similar:
31% felt they spend too much money on their children at Christmas
40% admitted they would like to put the money in savings instead of buying presents
The survey found that 43% of parents spend between $200 and $350 a child and 24% spend even more spending $400 to $900 on each child. The results also showed that 30% of parents do not save for their children.
What really surprised me is that more children felt that their parents spent too much on gifts for them than parents did. I guess it is because as parents we want to be able to give our children presents at Christmas. But as these results show there are many children who realize that the money spent could be put to better use. After all having money put aside for college or other expenses makes a lot more sense than having the latest electronic gadget. I just wouldn’t have figured the average teenager to realize that.
This does show parents that children are concerned about their futures and the money that they will need to go to college. It also shows that presents are not as important to a child’s happiness as many parents think they are.
Of course then there are the 50% of children who do not feel that their parents spend too much on them and are not concerned about saving for the future. Maybe those are the kids whose parents have enough money they don’t need to worry about it.
As a parent, consider how much money you are spending on presents. Is it too much? Could the money be put to better use in a savings account? It is definitely something to think about.
Check out the forum discussion on this topic: Christmas Spending.
Also read these related blogs:
Financial Pitfalls: Holiday Spending
How Much Do You Spend On Christmas?