Consumer Corner: What should my child do with their Communion money?

Children will look towards their parents for guidance on how to manage their money

Despite the negative connotation that comes with the idea of someone having their Communion money when they’re older, it might not be as unbelievable as some might think. A child’s Communion is their first experience with significant amounts of money and as years go by, the level of money children are receiving is increasing.

Ulster Bank figures show more than one in 10 Irish children get €1,000 plus for their Communion, while a quarter rake in more than €800. That’s a lot of money for a seven or eight-year-old to manage. The research shows that nearly half of children said they didn’t keep all the money to themselves and share some with their siblings or give some to charity. On spending, two in five spent their money on toys while also on the spending list were clothes, computer games and sports items.