Communion spending at eight-year high

Mon, 24 Jun, 2019 - 08:20

Ryan O’Neill

Parents are now spending an average of €929 on their child’s Communion day, the highest spend recorded since 2011, according to the latest annual survey.

The 2019 Ulster Bank Communion Survey found parents spent 8% more on their child’s day than in 2018, when the overall figure was €860.

The biggest increase was in the amount spent on Communion outfits for children, with the figure jumping 35%, from €162 to €218.

Spending on outfits for other family members was also up 27%, from €153 to €195, while spending on party food and drink was up a more modest 2%, from €349 to €357.

Spending on makeup and hair for girls also increased marginally on 2018, from €35 to €41. Conversely, parents spent less on children’s entertainment this year, down from €161 to €119.

However, the average sum children received was up 10% to €617, with almost a quarter receiving more than €800.

Of parents who responded to the survey, almost two-thirds (62%) think that their child received too much money. On average, girls received more money than boys, at €646 versus €587; however, both genders saw a marked increase on 2018’s figures, up €69 and €46 respectively.

Nine out of 10 respondents said that they spoke to their child about the money they received and how they might spend it, either in the run-up to Communion day (59%) or shortly afterwards (31%).

The vast majority of respondents (81%) say some of the money their child received from their Communion will be put into a savings account in their own name.

For some 24% of those making their Communion in 2019, this will be the first time they have had a savings account.

The survey did show that children have spent less of their Communion money when compared with 2018, with parents reporting on average that their child had spent 28% of their money to date (39% in 2018).

Regarding overall attitudes to Communion spending, there has also been a notable drop in the number of respondents who agree that there is pressure to spend as much money on the day as other parents.

Just over two fifths (41%) of parents say that there is pressure to do so, compared with over half (53%) of respondents in 2018.

Elizabeth Arnett, head of Corporate Affairs in Ulster Bank, said: “It’s important for children to learn good habits from an early age, not least when it comes to spending and saving money.

As most of us are well aware, Communion is the first time that many children end up with a large amount of money, and a burning desire to spend it! But we believe that it is also the perfect opportunity for parents to teach them the importance of financial planning as a life skill.

“It’s encouraging to see from the survey that 90% of parents talked to their child about the money they might receive and how they might use it.

“Over seven in 10 children already had a savings account with money received from Christmas and birthdays, so that’s a strong base to build on.”