Research by Halifax suggests that by the time a child reaches 18, parents will have spent £3,186 on their Christmas presents.
Half of parents buy their children between six and 15 presents at Christmas, spending an average of £177 per child
The same money invested in a children’s savings account would build up to £4,720 over 18 years.
One in six children save all their Christmas money, but 44% spend some and save some.
One in four children spend all of their Christmas money.
Giles Martin, Head of Savings at Halifax, said:“ Even just saving a small amount for your child each year could be a nest egg that proves to be the ultimate Christmas present for the future.”
- Nationwide BS has launched Simply Rewards, giving current account customers up to 35% cashback when spending with selected retailers including Argos and All Bar One.
- Tesco Bank’s five-year fixed-rate mortgage is now priced at 2.59% until 2021. Available to applicants borrowing from £40,000 at 80% loan-to-value.
- FirstSave has increased the rate on its one-year fixed-rate bond, which now pays 2.12% upon its anniversary or 2.1% monthly.
- Norwich & Peterborough Building Society’s new three-year fixed-rate ISA pays 2.3% yearly.
- NATWEST’s new Help To Buy ISA, which launches on December 1, will pay a variable interest rate of 2%. Borrowers must be first-time buyers.
- THE British Bankers’ Association says gross mortgage borrowing reached £12.9 billion last month, a 26% increase on the same period a year ago and the highest figure since August 2008.
- Halifax’s Help To Buy ISA will offer a rate of 4% from December 1. Several other lenders will also announce details of their Help To Buy ISAs in the next few days