Family Investments: Parents prefer payments to presents

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Family Investments: Parents prefer payments to presents

Wed 10th Dec 2008

Research released recently by Family Investments has revealed that many parents would prefer grandparents to make a contribution to a child's trust rather than buying children Christmas presents.

The savings account provider found that grandparents spend an average of £50 on presents for each grandchild, but that more than half of parents would prefer the money to go into the child's trust fund.

Kate Baker, head of savings and investments at Family Investments, said: "Grandchildren are central to the lives of many grandparents and so it is no surprise that they want to treat their grandchildren at Christmas."

However she added that redirecting their generosity and asking for a donation into a child's savings account could "create a more lasting and welcome legacy".

Recently a survey by HSBC revealed that overall, most people will be spending a similar amount on Christmas this year as they did in 2007, despite the credit crunch.

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