Irish Wedding News
20/06/2016
On average, young people making their first holy communion received £302; an increase from £283 last year.
The study, which has been conducted by Ulster Bank, also found that of the money children had spent, the most popular items were toys (72%) and clothes (30%). Sports equipment (15%) and tablet computers (13%) were also purchased by some.
85% of participants said that some of the money given to their children for their Holy Communion would be placed into a savings account. Of those, 84% admitted that they already had an account open. 16% said they are planning to open an account for the child.
Spending by parents on their child's first holy communion fell slightly from 2015, to £499 this year (£502 in 2015). In 2014, the average was £543, and it was £587 in 2012. The largest expenditure item by families was found to be on the party, celebration or food and drink (£209). Meanwhile, the average amount spent on an outfit was £153, with £52 spent on make-up/fake tan/hair. In terms of expenditure, families spent more on girls (£535) compared to boys (£458).
Sean Murphy, Regional Managing Director, Branch and private banking at Ulster Bank, said: "First holy communion usually presents children with an opportunity to save or spend a significant amount of money for the first time, and is therefore an opportunity for parents to instil the importance of saving from an early age and to start to equip children with the skills to deal with financial decisions.
"So we're really pleased to hear that such a high proportion of young people are planning to save some of the money they have received."
(JP/MH)
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Children Receive £302 For First Holy Communion
New research has revealed that children in Northern Ireland received more in gifts this year for their holy communion, than in 2015.On average, young people making their first holy communion received £302; an increase from £283 last year.
The study, which has been conducted by Ulster Bank, also found that of the money children had spent, the most popular items were toys (72%) and clothes (30%). Sports equipment (15%) and tablet computers (13%) were also purchased by some.
85% of participants said that some of the money given to their children for their Holy Communion would be placed into a savings account. Of those, 84% admitted that they already had an account open. 16% said they are planning to open an account for the child.
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Spending by parents on their child's first holy communion fell slightly from 2015, to £499 this year (£502 in 2015). In 2014, the average was £543, and it was £587 in 2012. The largest expenditure item by families was found to be on the party, celebration or food and drink (£209). Meanwhile, the average amount spent on an outfit was £153, with £52 spent on make-up/fake tan/hair. In terms of expenditure, families spent more on girls (£535) compared to boys (£458).
Sean Murphy, Regional Managing Director, Branch and private banking at Ulster Bank, said: "First holy communion usually presents children with an opportunity to save or spend a significant amount of money for the first time, and is therefore an opportunity for parents to instil the importance of saving from an early age and to start to equip children with the skills to deal with financial decisions.
"So we're really pleased to hear that such a high proportion of young people are planning to save some of the money they have received."
(JP/MH)
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