CHILDREN celebrating their First Communion are likely to
receive more money than their counterparts last year, while the day
will end up costing parents more, despite the recession.
Research published yesterday by the EBS Building
Society also suggests the vast majority of parents believe the negative
state of the economy has impacted negatively on their children.
According to the research, the average spend on First Communions this year will be €600 — up from the comparable figure of €530 last year.
According to the research, the average spend on First Communions this year will be €600 — up from the comparable figure of €530 last year.
The
research also indicates that €416 is the average amount of money
received by a child celebrating their First Communion, also an increase,
up from €398 last year.
The survey found that two-thirds of children will save most or all of the money, spending only very little of what they receive.
In light of the growing cost of First Communions, nine-out-of-10 respondents said €50 or less was an appropriate amount to give as a present to a child to mark the occasion, with the most appropriate figure in the opinion of respondents being €37.
While 70% of respondents believe giving a child money is appropriate, 62% believe this should be done within reason, while 30% do not agree with giving money to mark the occasion. Some 19% disagree with giving money but do so out of tradition.
In addition, 79% of those questioned said the current economic climate was having a negative impact on their children, but 69% said the state of the economy would mean their children would learn to be more careful with money.
According to the survey almost 75% of parents now encourage their children to save money, a statistic welcomed by EBS Building Society’s head of marketing, Aidan Power, who said it was "encouraging".
"We are seeing families adapting to the economic climate in various ways such as encouraging their children to learn how to save some money," he said.
He added that the EBS now has about 8,000 younger savers, prompted by a focus on family saving.
The survey found that two-thirds of children will save most or all of the money, spending only very little of what they receive.
In light of the growing cost of First Communions, nine-out-of-10 respondents said €50 or less was an appropriate amount to give as a present to a child to mark the occasion, with the most appropriate figure in the opinion of respondents being €37.
While 70% of respondents believe giving a child money is appropriate, 62% believe this should be done within reason, while 30% do not agree with giving money to mark the occasion. Some 19% disagree with giving money but do so out of tradition.
In addition, 79% of those questioned said the current economic climate was having a negative impact on their children, but 69% said the state of the economy would mean their children would learn to be more careful with money.
According to the survey almost 75% of parents now encourage their children to save money, a statistic welcomed by EBS Building Society’s head of marketing, Aidan Power, who said it was "encouraging".
"We are seeing families adapting to the economic climate in various ways such as encouraging their children to learn how to save some money," he said.
He added that the EBS now has about 8,000 younger savers, prompted by a focus on family saving.