Seven in 10 children see the money as the best part of the day while wearing their Communion outfit as the most special memory.
And despite the economic downturn the First Holy Communion remains a lucrative business, with the average cash gift between €20 and €30.
For 15pc of children the day brings them in excess of €150 while another 22pc earn between €90 and €150. Of the rest, 17pc get €50-€70 and the remainder get less than €50.
A survey by giftcard providers One4all found that more than half of all First Communicants remembered putting on their special clothes as the best memory of the day with another 23pc citing visits to relatives as the best memory.
Receiving the Sacrament came third on the list of special moments, with only 15pc of children choosing this as the best part of the day.
Little girls were particularly keen to show off their dress after the event and almost half wore it at least once more, while 40pc wore it up to three times more and 14pc got more than four wears out of their outfit.
One third of adults surveyed still had their Communion dresses, while 14pc had given it to a charity and just 2pc had sold it.
Most however – 83pc – are concerned that the day has become an over-the-top affair, particularly in the past decade.