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The average amount of money received by children who receive communion fell to € 588 in 2020, compared to the average of € 617 the previous year.
Around 6% of parents said that children received more than 1,000 euros, which represents a decrease from 13% from the previous year.
That’s according to a new survey issued by Ulster Bank.
More than a quarter (28%) of those surveyed said their child received less than € 200 this year, compared to 9% in 2019.
About 85% of those surveyed said that their child’s Communion was rescheduled for later in 2020 or next year.
The survey also revealed that 93% of parents talked with their children about their money and how they could spend it, and the vast majority, about 83% of those surveyed, said that some of the money will be deposited into a savings account at the the child’s own account. Name.
Almost two-thirds believed that their child should be better educated regarding financial planning.
The amount of money spent on the day has also dropped dramatically, from 929 euros in 2019 to a six-year low of 716 euros this year.
Two in five parents said there was a greater focus on the ceremonial aspect of the day this year, rather than the celebration or money.
The survey also showed that children spent less of their Communion money this year compared to last year, and parents reported on average that their children spent 25% of their money, compared to 28% last year.
Half of the children of the parents surveyed shared part of the communion money with their siblings or donated something to charity, which was 42% more than last year.
Of the children who have spent money, the most likely purchases were toys, computer games, clothing, and candy.
Lisa Slattery, Ulster Bank’s Director of Digital, said Communion may be the first time children end up with a large amount of money.
“It is the perfect opportunity for parents to teach them the importance of financial planning as a life skill.”
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