GONE are the stretch limos, diamante-studded tiaras and dresses the price of a small car. Today’s First Holy Communion kids are having to make do with less and most are going back to the old habit of saving their money.
The average Communion gift is now €37 versus €50 last year and there has been a big increase in the number of children likely to save some or all of their Communion money.
With about 60,000 children making their First Communion in the coming weeks, EBS Building Society has released research which gives details on Irish adults’ attitudes to Communion spending.
The research considers how the recession is impacting on the tradition of giving children money for their Communion and looks at what children are likely to do with the money they receive.
"The 50% increase in the number of children likely to save most of their Communion money is significant," said Dara Deering, director of membership business at EBS.
"We are seeing families adapting to the recession in various ways such as encouraging their children to learn how to save some money."
According to the study, the average amount perceived as being appropriate to give a child making their Communion has fallen significantly in the past 12 months and is estimated at €37.
However, the cost is still significant. When it comes to the total spend on a Communion, to include dress, entertaining afterwards and gifts, 33% of adults estimate the spend on Communion celebrations to be in excess of €601. 26% expect it to cost between €601 and €1,000 while the remaining 7% felt it could cost over €1,000.
KEY FINDINGS
* 2010 — 89% feel it is appropriate to give €50 or less, up from 79% in 2009.
* Three in 10 adults do not agree with giving money.
* 63% believe that children will save most of the money that they receive, up from 42% last year.
* Appropriate money gift 2009 — €50.
* Appropriate money gift 2010 — €37.
* Average total €300.