Christmas Will See Parents Spend A Fortune On Children

Christmas is just 12 days away and this year parents will be spending a massive £2.2 billion on Christmans presents for their children, even though many will feel under financial pressure by doing this.

Whether it’s the must have Christmas gadget of a tablet PC, some Lego or perhaps Buzz Lightyear, parents are planning on spending a massive £2.2 billion on presents for their children.

According to the LV= ‘Cost of a Child’ study, on average mums and das will spend £168 on gifts for their children, although in the North East will be more generous, spending an average £226 on presents and stocking-fillers.

Mark Jones, LV= head of protection, said: “Despite the economic downturn parents are still keen to make Christmas one to remember this year.

It’s important that people try and look beyond the short term and also ensure that they have suitable budgets and long term financial plans in place.

Even a small drop in a family’s income can make it hard to balance the books, especially at this time of year, and people should make sure they have adequate protection in place to look after their finances if the unexpected should happen.”

Around a quarter of parents are feeling under more financial pressure than they did last year and to avoid any tears on Christmas morning some 9% have already spoken to their children about not expecting as much this year.

Some families are planning to curtail their Christmas spending to avoid increasing debt and are turning to a budget to help them manage their finances.