Industry News
British children's Christmas billions
Posted on 10th December 2007
British children will be given around £2.4 billion this Christmas by their relations, a new report has revealed.
A study by online comparison site MoneyExpert.com has revealed that 48 per cent of adults plan to give children cash as a present this year, usually giving between £20 and £50.
Sean Gardner, chief executive of the website, said that encouraging children to begin saving could teach them good financial habits.
"I don't want to spoil the fun but if your child has some cash lying around on top of their Christmas presents this year, it might be worth suggesting they start," he urged.
Research conducted earlier this month by LV= found the average cost of raising a child from birth to aged 21 could be nearly £260,000, of which education alone could be £120,267 if the child attends a private school.
It predicted the costs associated with children could rise by as much as £12,000 a year up to 2012 and urged parents to plan their finances accordingly in order to help them cope.
© Adfero Ltd