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Communion Spending Jumps to €929
Posted by Schooldays Newshound on 24/06/2019.
Tags: Parenting
Parents are now spending an average of €929 on their child’s Communion Day, the highest spend recorded since 2011 in the annual Ulster Bank Communion Survey, when it was €967. The biggest increase was in the amount spent on Communion outfits for children, with the figure jumping 35% from €162 to €218. Just over two fifths (41%) of parents say there is pressure to spend as much money on the day as other parents, compared with over half (53%) of respondents in 2018.
Money Recieved
The average amount of money received by children for their Communion this year was €617 up 10% from €558, with almost a quarter (23%) receiving more than €800. Communion Day is traditionally the first time that children receive a significant amount of money, and almost two-thirds (62%) of parents think that their child received too much money. On average, girls received more money than boys, at €646 versus €587; however both genders saw a marked increase on 2018’s figures, up €69 and €46 respectively.Almost three-in-five (58%) parents believe that their child should be financially educated ahead of their Communion Day. The majority (69%) of respondents believe they themselves should be responsible for educating their child, while 17% think that schools should be responsible and 23% want financial planning to be taught by a mix of parents, school, church and education groups.
Spending
The survey also shows that children have spent less of their Communion money when compared with 2018, with parents reporting on average that their child had spent 28% of their money to date.(39% in 2018). On a more positive note, over two-fifths (42%) of children have already shared some of their Communion money with their siblings or donated some to charity. Of those children who have spent money to date, the most likely purchases are:Spending habits appeared to have changed little from generation to generation, with parents asked to remember what they spent their Communion money on. Just over 3 in 10 parents (35%) said they saved their Communion money, but of those who did spend their Communion money, toys (23%), sweets (18%), books (8%) and computer games (7%) were the most popular purchases.
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