Average amount of money received by children making their Communion falls
By New File Making Amount Munion To Press Survey The Of 2020, Money Bank According To Children Fell Ulster Average A In €588 Their Picture: Association Received
The average amount of money received by children making their Communion fell to €588 in 2020, down from an average of €617 the previous year.
Some 6% of parents said children received more than €1,000, which is down from 13% a year earlier.
That is according to a new survey issued by Ulster Bank.
Over one-quarter (28%) of respondents said their child received less than €200 this year, compared to 9% in 2019.
Some 85% of respondents said that their child’s Communion was rescheduled to later on in 2020 or to next year.
The survey also revealed that 93% of parents spoke to their child about their money and how they might spend it, with the vast majority - some 83% of respondents - said some of the money will be put into a savings account in the child’s own name.
Almost two-thirds believed their child should be better educated in relation to financial planning.
The amount of money spent on the day also dropped sharply, from €929 in 2019 to a six-year low of €716 this year.
Two-in-five parents said that there was a greater focus on the ceremonial aspect of the day this year, rather than on the celebration or money.
The survey also showed that children spent less of their Communion money this year compared to last, with parents reporting on average that their child spent 25% of their money, as opposed to 28% last year.
Half of the children of the surveyed parents either shared some of their Communion money with their siblings, or donated some to charity, which was up from 42% last year.
Of the children who have spent money, the most likely purchases were toys, computer games, clothes and sweets.
Lisa Slattery, Ulster Bank's Head of Digital, said Communion may be the first time children end up with a large amount of money.
"It's the perfect opportunity for parents to teach them the importance of financial planning as a life skill."