More than £3,000 spent on each child at Christmas

More than £3,000 is spent on Chrismtas presents for each child aged under 18, a survey says. Picture: AP

The average spend on each child is £177, however if parents were to invest that money in a children’s savings account, it would build up to £4,720 after 18 years.

Half (49 per cent) of parents buy their children between six and 15 presents at Christmas, spending an average of £177 per child per year, an increase of £14 (8 per cent) in the last year.

More money is spent on 10 and 13-year-olds who receive £228 worth of gifts from their parents.

Unsurprisingly, one-year-olds have the least spent on them by their parents, an average of £109.81.

On average, children receive £120 in cash at Christmas from parents, friends and relatives, up almost a third, from £88 in 2014.

It is 17-year-olds who receive the most Christmas money - an average of £170.

One in six (16 per cent) children save all their Christmas money, but the majority (44 per cent) spend some and save some.

One in four children (26 per cent) spend all of their Christmas money.

Giles Martin, head of savings at Halifax, who commissioned the research, said: “Whilst of course most parents would not want to miss the look on their children’s faces when they come downstairs on Christmas morning to see what is waiting for them under the tree, this research shows just how much parents are spending each year on Christmas presents and how that builds up over the years.

“Even just saving a small amount away for your child each year could be a nest egg that proves to be the ultimate Christmas present for the future.”