Communion Spending Jumps to €929

Posted by Schooldays Newshound on 24/06/2019. Communion Spending Jumps to €929

Tags: Parenting

Parents are now spending an average of €929 on their child’s Communion Day, the highest spend recorded since 2011 in the annual Ulster Bank Communion Survey, when it was €967. The biggest increase was in the amount spent on Communion outfits for children, with the figure jumping 35% from €162 to €218. Just over two fifths (41%) of parents say there is pressure to spend as much money on the day as other parents, compared with over half (53%) of respondents in 2018.

Money Recieved

The average amount of money received by children for their Communion this year was €617 up 10% from €558, with almost a quarter (23%) receiving more than €800. Communion Day is traditionally the first time that children receive a significant amount of money, and almost two-thirds (62%) of parents 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.

Almost three-in-five (58%) parents believe that their child should be financially educated ahead of their Communion Day. The majority (69%) of respondents believe they themselves should be responsible for educating their child, while 17% think that schools should be responsible and 23% want financial planning to be taught by a mix of parents, school, church and education groups.

Spending

The survey also shows 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). On a more positive note, over two-fifths (42%) of children have already shared some of their Communion money with their siblings or donated some to charity. Of those children who have spent money to date, the most likely purchases are:

Toys: 42% (no change on 2018)

Clothes: 29% (down 5 percentage points on 2018)

Computer games: 28% (down 4 percentage points on 2018)

Books: 23% (down 1 percentage pointon 2018)

Sweets: 18% (down 5 percentage points on 2018)

Sports equipment: 18% (down 3 percentage points on 2018)

Spending habits appeared to have changed little from generation to generation, with parents asked to remember what they spent their Communion money on. Just over 3 in 10 parents (35%) said they saved their Communion money, but of those who did spend their Communion money, toys (23%), sweets (18%), books (8%) and computer games (7%) were the most popular purchases.

Funding of Communions

The vast majority of respondents funded Communion expenses from their savings again this year (91% from 89% in 2018), with others seeking assistance to meet the costs. The source of this assistance varied year on year, with the number taking out loans decreasing by 28% to 5% of respondents, while 10% of respondents sought help from family and friends. Just under one-fifth of parents (19%) believe that their child should contribute towards the cost of the day