Children received almost €550 for making their Communion this year — with parents shelling out almost €850 on the day.
A survey reveals a 12% year-on-year increase in the amount of money spent by parents on their child’s First Holy Communion.
It follows a year-on-year drop of 2% in Communion spending in 2015.
Much of the increase is attributed to spending on children’s entertainment, such as bouncy castles.
The annual Ulster Bank Communion Survey also found 87% of parents financed the day through their own savings.
Furthermore, it shows parents spent around €370 on a party and food and drink on the day — an increase of 13% on 2015.
Further outlays included the child’s outfit for the occasion at €176 (up 1% on 2015), outfits for other family members at €212 (up 10% on 2015), children’s entertainment at €149 (up 25% on 2015), make-up/ hair for girls at €56 (up 12% on 2015).
There was a marginal increase in the amount of money received by children as gifts this year — €546 compared with €543 in 2015. This follows a decrease of 8% in 2015.
Of the money received by children for their First Holy Communion, the average proportion spent so far is 25%.
Just over a third (34%) of children have yet to spend any money they received.
However, 9% of parents said their child has spent more than 75% of the money they received.
Of those children who have spent money to date, the most likely purchases are clothes (43%), toys (40%), computer games (34%) and sports equipment (28%).
Some 90% of parents said the money received by their child will be put into a savings account, in their child’s own name.
Commenting on the study, Ulster Bank’s director of customer experience and products Maeve McMahon said it was a positive sign that so many parents are putting some of their child’s Communion money into a savings acount.
“Financial planning is a really important skill to pass on to children so we’re delighted to see that 90% of parents are putting some of their child’s Communion money into a savings account,” she said.
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