The Christmas tradition of children unwrapping presents under the tree could soon be a thing of the past. This Christmas, cash presents given to under 18s in the UK could reach almost £1 billion, with even children as young as four expecting cash gifts.
The questionnaire was carried out among 5,000 teenagers by Kids Insights. It was the first time under 18s were asked about cash gifts. Four to 12 year-olds said they were expecting an average of £68, rising to £102 each for 13-18 year-olds. Boys believed they would receive slightly more than girls, with £83 expected, compared to £82 per person for girls.
Nick Richardson, Kids Insights’ manager, said, “It may be that we are losing the traditional Christmas magic, when kids wake up to see whether their special gift is under the Christmas tree. Today’s kids don’t just know what they want, but they know where to get it from. Teens and even under 12s are increasingly able to buy the tech toys and games they want.”
The research also found a growing number of under 18s who are becoming financially independent. Thirty two per cent of younger children aged four to 12 said they would save their money in a bank account.
Andrew Hagger, of advice service MoneyComms, said, “It’s not a bad thing as long as children don’t waste the cash away. It would be great if their parents or grandparents said, how about putting a third or half into a savings account, and use the rest to buy something they really want in the sales. Putting money into savings is a great habit for children to adopt as they grow which can help them in the future.”
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