This is how much parents are expected to spend on their children this Christmas

this is how much parents are expected to spend on their children this christmas - This is how much parents are expected to spend on their children this Christmas

Christmas is a very expensive time of year – especially if you have children.

As a nation, us Brits are expected to spend a whopping £33.3 billion on gifts to put under the Christmas tree on December 25.

And kids will get the bulk of the cash spent on them, according to an interactive calculator developed by money.co.uk.

Under 16s will get at least £129.79 for their largest present, while children over 16 can expect a little less, coming in at around £105.99.

Partners and husbands and wives also do pretty well with £120.51 being spent on gifts, reports the Liverpool Echo.

Mums also do better than dads when it comes to festive goodies. The average spend on mums is £63.51 while dads come in at £51.81.

Grandparents get an average of £40.05 spent on their gifts while siblings fare slightly better at £47.46.

As a nation of animal lovers we also like to treat our pets at Christmas, pending £27.34 on treats.

That’s a lot of gravy bones.

And it seems as if we do like the people we work with, showering gifts worth  £20.34 on our colleagues.

this is how much parents are expected to spend on their children this christmas - This is how much parents are expected to spend on their children this Christmas

Another study by Nationwide Building Society suggests a lot less will be spent on kids (average of £67), but states people will typically spend nearly two weeks’ worth of wages on Christmas as a whole.

In total, those questioned plan to spend £727 on average on the festivities, including presents, preparations and celebrations with work colleagues.

Around one in 12 people plan to spend more than £800 on Christmas gifts for family members this year, the survey of 2,000 people found.

Some 8% of people surveyed by Nationwide Building Society predict they will spend more than this sum on presents alone.

On average, people expect to fork out £363 on gifts for relatives.

Children will receive the most expensive presents, the research suggests, with those surveyed predicting they will spend £67 per child.

More than a quarter (26%) of people plan to spend more than £100 per child.

This survey also suggests partners do well at Christmas, receiving gifts worth £63 on average.

But one in 25 (4%) people admit they will not buy anything for their other half.

The research also revealed that more than two-fifths (42%) of men do not set a Christmas budget, nor do a third (33%) of women.

And it also found people in the South West were the best festive planners, with 30 per cent of people surveyed buying their gifts two to six months in advance.

Some people admitted they are often left in debt in the New Year after struggling to cover the cost of Christmas.

Nearly one in five (18%) people said they struggled financially, while one in 10 (10%) ended up deep into their overdraft. And 7% said they started 2019 in significant debt.

Guy Simmonds, head of current account customer management at Nationwide, said: “The cost of Christmas can quickly mount up, with people spending an average of two weeks’ salary funding the festive period.

“It’s incredibly easy to spend more than we can afford, which is why many of us start the new year in debt.

“Planning is vital to sensible spending. We would encourage people to set a budget they can afford and stick to it.”

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