New Study Shows That Kids Want Savings Instead Of Presents

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?

Teaching Teens to Save Money

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About Teresa McEntire

Teresa McEntire grew up in Utah the oldest of four children. She currently lives in Kuna, Idaho, near Boise. She and her husband Gene have been married for almost ten years. She has three children Tyler, age six, Alysta, four, and Kelsey, two. She is a stay-at-home mom who loves to scrapbook, read, and of course write. Spending time with her family, including extended family, is a priority. She is a member of the Church of Jesus Christ of Latter Day Saints and currently works with the young women. Teresa has a degree in Elementary Education from Utah State University and taught 6th grade before her son was born. She also ran an own in-home daycare for three years. She currently writes educational materials as well as blogs for Families.com. Although her formal education consisted of a variety of child development classes she has found that nothing teaches you better than the real thing. She is constantly learning as her children grow and enjoys sharing that knowledge with her readers.