According to the bank, children in the UK received GBP2.2 billion in Christmas money, an average of GBP191.50 per child. The research, carried out by TNS on a sample of 1,000 UK parents in December 2006, revealed that 1.3 million parents will look to this fund to bail themselves out over January.
The research also revealed that approximately 300,000 parents will even resort to taking some of their children’s toys back to the shop just to get some extra money. Other solutions to January’s financial hardship included plans to cut out restaurant visits by one in five parents and plans to avoid the pub or cinema until February by one in four parents.
Gary Lumby, Yorkshire Bank’s head of retail, said: January is possibly the hardest month of the year financially for most Brits. Many have to make their December salary last through Christmas and until the end of January.
The research revealed, however, that despite their own financial struggle, only one in four parents will encourage their children to avoid this by saving the money they received at Christmas.
Mr Lumby commented: It’s good to see that at least some parents are encouraging their children to save money. Worryingly, though, they seem to be a minority. Three in every four could be spending the money they’ve received on toys that are here today, gone tomorrow.
Mr Lumby concluded: The sooner children start saving the better. Hopefully by learning to put money aside now, kids won’t have to raid their own children’s piggy bank just to survive the January financial struggle when they are older.
