Children receive an average of €570 in gifts for their first holy Communion.
New research carried out by Ulster Bank also shows parents spend an average of €845 on the occasion.
The survey also found that 92% of parents financed the day through their own savings, an increase of 5% on last year.
Half of the parents surveyed agree that there is pressure to spend as much money on the day as other parents do, but almost a third would rather save the money for birthdays or summer holidays instead.
The survey suggests it presents an opportunity for youngsters to learn about finances and saving.