New Partyoffers Search:
Parents 'to spend less' on Christmas presents
Parents will need to find more affordable presents for their children this year, as research reveals they are planning to tighten their festive belts.
A study from Family Investments reveals that children are in for a disappointing Christmas as the average parent plans to spend just £60 per child on gifts.
This is significantly less than last year when parents spent an average of £115 on each child.
Parents said they would rather put any spare cash they have towards savings than spending it on lavish gifts for their children.
Mums and dads in Manchester will spend an average of £108 on their child, compared to those in London who will spend just £60.
Grandparents are set to spend on average of £50 on their grandchildren, with those in Scotland most likely to fork out more than £200 on gifts.
Commenting on the figures, Kate Baker, head of savings and investments at Family Investments, said: "Christmas is always an expensive time of year, and parents are planning to cut back on children's presents this year, in order to help the strain and enable them to still keep their longer term savings topped up."
