British parents are so eager to please their children over Christmas that they are willing to get into debt over Christmas presents, according to new research.
The survey of 2000 parents with children under the age of 16 found that one in ten parents are so desperate to please their child that they are willing to take out a loan, while other will pay above the odds to get the right present, according to predictive analytics firm Blue Yonder.
The average parent is willing to spend 15 per cent more than the usual retail price and 1 in 6 stated they would go as far as to pay 25 per cent more if it meant they could get the toy on their child’s Christmas wish list.
Despite this, some 40 per cent of parents’ admitted that the Christmas presents they buy their children are never used, costing the average household £83 a year, with one in four spending over £100 a year on unused toys.
This might explain why nearly all the parents surveyed have tactics in place to get the best price. Some 74 per cent do their shopping on Amazon, while 54 per cent are looking for bargains throughout the year and 40 per cent are buying their gifts on Black Friday or Cyber Monday.
Not getting the right toy left 50 per of parents feeling disappointed and 38 cent stressed and worried about letting their child down.
According to Hannah Maundrel, Editor in Chief at at www.money.co.uk the real focus of Christmas should be about spending time with your nearest and dearest but it can be hard for children to understand, according to her parents should establish their own traditions to save money.
“It’s so hard to say ‘no’ but life will be a lot easier – and less cluttered – come January work out a realistic budget and stick to it like glue. Hard as it may be, try to create your own Christmas traditions that keep it special without breaking the bank. If you get into the habit of putting any spare cash into your child’s saving account, your kids will be very grateful once they turn 18,” she said.
Experts at UK’s biggest consumer website MoneySavingExpert.com said the solution is to spread the cost over the season to avoid heavy bills in December.
“Start saving early to spread the cost. A typical family spends more than £820 on Christmas, according to YouGov. Yet many struggle to foot it from December’s pay-packet alone and end up borrowing. For example, put £200 aside from Sep, Oct and Nov's income to spread the cost," said Jenny Keefe, Lead writer at MoneySavingExpert.com.
