A survey by Ulster Bank has revealed that parents spent significantly less on their child’s First Holy Communion this year at an average of €659.71, down from €1,000 last year.
The average breakdown of spending was €179 on the Communion outfit and accessories; €176 on clothing for the rest of the family; €303 for food and drink; €86 for entertainment
The money collected by approximately 60,000 Communicants this year has also decreased from €468 to €432 and of this, €325 was put into savings.
Of the average €107 they spent, the most popular items bought were video games (57% ); clothes (43% ); toys (36% ); sports equipment (22% ) and books and music (12% )
The research additionally showed that eight out of ten were in a position to rely on their savings to pay for the Communion and only one in ten needed help from friends or family. However 9% still borrowed money, with an average loan for €343.
Joe Heneghan, Head of Retail Products, Ulster Bank, added: “It is encouraging that the findings suggest young people are saving a higher proportion of the money they have received compared to what they spend. It is more important than ever that young people learn to save and it will help equip them to deal with financial decisions in a responsible way throughout their lives. It is also very positive to see that their parents are also saving, and spent more responsibly for their child’s Communion this year.”