As we approach the holiday season, Legal & General shares their survey results from over 2,000 UK parents that highlight the often-unexpected financial challenges of raising kids — from everyday childcare expenses to the increasing cost of Christmas.
The research delves into how the cost of Christmas has increased for parents, and how they are combating this with other measures in their day to day lives.
Across the nation, parents are going all out for the festive season, spending an average of £220.80 on Christmas gifts for their children, with parents in the North East leading at £318.58. Those in Wales also spend more than the average, with a mean amount of £272 spent on their children for Christmas presents. This trend follows in the countries capital, with those in Cardiff spending an average of £275 on presents a year.
At a time when families are feeling financial pressure, parents are finding ways to adapt. 74% said they set a Christmas budget, 77% of those in Wales said the same and 77% in Cardiff. Although many admit to often going over (43%). A huge 50% of those in Wales and Cardiff go over their budgets, with just over a quarter (27%) of Welsh respondents sticking to their budgets.
85% of all respondents said that they feel the cost of Christmas for their children has increased in recent years, 40% said this was a significant increase. In Cardiff, 89% said this, with 48% saying it was a significant increase.
From prioritising free activities to relying on friends and family for childcare, parents across the UK are making choices that help them give their kids the best possible experiences without breaking the bank. 50% of respondents said that they had to cut back on other areas of spending to afford Christmas gifts for their children, this figure was 55% in Wales and 58% in Cardiff specifically.
For more information, please click through to Legal and General’s research here: https://www.legalandgeneral.com/insurance/life-insurance/hidden-cost-of-raising-kids/