New research from Wealthify has found that the average parent in the South West spends the third-least on their children at Christmas compared to the rest of the UK, with a national average of £271.22 per child and a South West average of £225.33. Parents in the South East spend the second-least per child, followed by parents in the East Midlands who spend the least.
The independent research also reveals that 12.6% of parents in the South West spend £300 to £500 per child, which is one of the lowest figures for this amount in the country.
Comparatively, Londoners are spending the least on their children compared to the rest of the UK with a fifth of parents saying they spend between £50 to £100 per child. Only about 1 in 7 (13.9%) of parents in the South West said they spend this amount.
The findings come to light following the launch of a new Friends and Family feature for Wealthy’s Junior ISA (JISA), which allows parents to invite others to contribute to their child’s JISA.
This will allow friends and family to contribute to a child’s future as an alternative to the seasonal gifting of toys which previous studies have shown children grow tired of in an average of 36 days.
It is hoped the new feature will encourage more open dialogue between parents and their wider circle on how to gift in a more sustainable and future-proofing way.