First holy communion spending hits over 700
A new survey has shown that parents spent an average of €749 on their child’s First Holy Communion this year.
That’s actually a drop of 2% from last year’s €764, according to the annual Ulster Bank Communion Survey. The amount children received also declined this year, coming in at €543, an 8% fall on 2014 when the average was €591.
The party/celebrations/food and drink bill for First Holy Communion came to €326.74 of the total, the survey indicated, a 2% decrease from the previous year. The child’s outfit for the day came to €175.37, while outfits for other family members accounted for another €192.22, down slightly on the previous twelve months. Finally, another €118.93 was spent on children’s entertainment for the occasion.
Interestingly, 13% of children have not yet spent any of their Communion money, opting to save it instead, while 15% have spent all of the money they received. The most popular items bought with Communion money were toys (44%), followed by computer games (36%), closely followed by clothes (34%).
The study also revealed that girls received more money than boys for their Communion this year, with girls receiving an average of €570, whereas boys received an average of €512. Girls also appear less likely to have spent a large portion of their Communion money at this point, with over a third (35%) of parents with girls citing they had only spent 1-20% of their Communion money to date compared to 20% of parents with boys. Meanwhile, the most popular items among boys this year are computer games (52%), toys (40%) and sports equipment (34%), while girls are most likely to purchase toys (47%) and clothes (44%).
Jim Ryan, Managing Director of Branch Banking, Private Banking and Financial Planning, Ulster Bank said: “First Holy Communion presents many children with their first opportunity to learn the value of money and how best to manage it. While the total amount that children receive has dropped somewhat in comparison to last year, at an average of €543, this is a significant sum of money for any seven or eight year old to receive.”
“It’s an ideal time to introduce children to how to manage their money whilst still allowing them an opportunity for a treat. At Ulster Bank our urfirst savings account* available for 0-11 year olds pays 1.50% Gross/AER (variable) and can be opened with just €5. Parents are leading by example on the savings front, with the majority (85%) choosing to save in advance of the occasion, as opposed to taking out a loan for the day,” he concluded.