ALMOST one in eight families are being forced to turn to moneylenders to fund their child’s Communion, a survey has found.
The poll, by the Irish League of Credit Unions, also
found that children are receiving an average of €471 from friends and
family when they make their Communion.
The figures found that one in five families had to use a credit card to cover some of the costs.
Two-thirds of parents whose children received their Communion in the past three years found that clothes were the biggest cost as opposed to half of parents of children who received their Confirmation.
When it came to covering the cost of Confirmation, one in 25 families saying they were forced to use a moneylender. The average amount of money received by a child for their Confirmation is €455.
Also, the survey found more than half of parents of children under 18 give their child pocket money.
Those aged 16 to 18 receive on average €15.37 per week while those aged between five and eight receive €6.15 on average.
The study shows that two third of parents said their children spend all or most of their pocket money while a third save most of it.
Irish League of Credit Unions chief executive, Kieron Brennan said: "Given the harsh economic reality facing many Irish families today, there has never been a more important time to focus on providing a financial education to our young people.
"A healthy attitude towards money is crucial to ensure that children don’t develop bad habits when it comes to money management. Studies have shown that the development of a savings habit at a young age results in that healthy attitude to money staying with the person through to adult life."
A third of parents said that their child is saving for a particular purpose with most saving for a holiday or day out. Children are also saving for sports and hobbies, computer, books and mobile phones.
The figures found that one in five families had to use a credit card to cover some of the costs.
Two-thirds of parents whose children received their Communion in the past three years found that clothes were the biggest cost as opposed to half of parents of children who received their Confirmation.
When it came to covering the cost of Confirmation, one in 25 families saying they were forced to use a moneylender. The average amount of money received by a child for their Confirmation is €455.
Also, the survey found more than half of parents of children under 18 give their child pocket money.
Those aged 16 to 18 receive on average €15.37 per week while those aged between five and eight receive €6.15 on average.
The study shows that two third of parents said their children spend all or most of their pocket money while a third save most of it.
Irish League of Credit Unions chief executive, Kieron Brennan said: "Given the harsh economic reality facing many Irish families today, there has never been a more important time to focus on providing a financial education to our young people.
"A healthy attitude towards money is crucial to ensure that children don’t develop bad habits when it comes to money management. Studies have shown that the development of a savings habit at a young age results in that healthy attitude to money staying with the person through to adult life."
A third of parents said that their child is saving for a particular purpose with most saving for a holiday or day out. Children are also saving for sports and hobbies, computer, books and mobile phones.