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Parents set to spend £2 billion on Christmas this year

Parents set to spend £2 billion on Christmas this year

- Monday, 13 December 2010

Parents are set to spend around £2 billion on their children this Christmas, which may cause them to need debt advice in the New Year.

According to LV=, Brits will spend a total of £2.2 billion on their youngsters this year, which equates to an average of £168 on each child.

It was also found that 27 per cent of parents are feeling under more financial pressure this year than they did last year and 36 per cent intend to spend less on presents for their children.

This may be the result of parents not being willing to get into debt problems in order to fund Christmas as confirmed by a recent survey by the Co-operative Bank.

The Co-Operative bank found that 60 per cent of adults were not prepared to get themselves into debt problems.

Mark Jones, LV= head of protection, said: "Despite the economic downturn parents are still keen to make Christmas one to remember this year.

"It's important that people try and look beyond the short term and also ensure that they have suitable budgets and long term financial plans in place."
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