More than a fifth (22%) of parents giving money for Christmas say the amounts will be less this year due to the high costs of everyday bills, a survey has found. Around one in six (16%) grandparents sending cash are also planning to give less money this Christmas due to the cost of living crisis, according to the research from investment scheme F&C Investment Trust and its manager, asset management group Columbia Threadneedle Investments.
Despite tough economic times, three in five (61%) parents and more than one in two (57%) grandparents still plan to give money to children during the festive period. Almost half of people (46%) with children or grandchildren said they will give money as well as a small present this year.
Some will give the money as physical cash while others will deposit it straight into children's bank accounts. More than a third (37%) of parents said they will give the money in banknotes and coins, while a further 24% will put it into children's accounts.
