For parents, Christmas is a season of joy, filled with opportunities to create special memories, but these can also be costly. Recent research by Legal & General reveals Welsh parents are spending an average of £271 per child on Christmas gifts, highlighting the significant investment families are making to ensure their children have an unforgettable holiday.
However, this generosity comes at a cost. 55% of Welsh parents admit they’ve had to cut back on other areas of spending throughout the year to afford these festive treats.
The rising cost of Christmas is a growing concern, with 88% of parents acknowledging that holiday expenses have increased in recent years. Despite these pressures, most families attempt to keep their finances in check, as 77% of parents report setting a budget for Christmas shopping.
Yet, sticking to that budget is easier said than done—50% of parents confess they often end up overspending.
Tips for Tackling Family Costs: Practical Ideas from UK Parents
To adapt to the rising costs of parenthood, parents are sharing resourceful tips and strategies, which can inspire other families to make the most of their budgets:
Embrace Free Activities: Over half (51%) of parents find creative, free activities for family fun, showing that some of the best memories don’t come with a price tag. From local libraries to youth clubs, you can browse your local council website to source free activities.
Seek Second-Hand Finds: From clothes, to toys, 37% of parents opt for second-hand purchases, proving that quality doesn’t have to mean brand new. Charities such as Oxfam and the British Red Cross have a great selection of second-hand gifts to purchase.
Tap into Support Networks: For childcare needs, especially during summer holidays, one-third (33%) of parents turn to trusted friends and family for help, showing the power of community support.
With rising living costs, many parents encourage expectant families to plan ahead. From starting a savings plan to budgeting and taking out life insurance, Legal & General’s survey highlights practical steps families can take today to prepare.
To find out more, please visit: https://www.legalandgeneral.com/insurance/life-insurance/hidden-cost-of-raising-kids/
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