Digital Desk Staff
The average amount of money received by children making their Communion fell to €588 in 2020, this is down from an average of €617 in 2019.
Six per cent of parents said their children received more than €1,000, a 13 per cent drop on the previous year.
The findings were published in a new survey from Ulster Bank.
Over one-quarter (28 per cent) of respondents said their child received less than €200 this year, this figure was just nine per cent in 2019.
Some 85 per cent said their child's communion had been rescheduled to a later date in 2020 or next year due to the Covid-19 pandemic.
The survey also revealed that 93 per centof parents spoke to their child about their money and how they might spend it, with the vast majority — some 83 per cent of respondents — said some of the money will be put into a savings account in the child’s own name.
Almost two-thirds believed their child should be better educated in relation to financial planning.
The amount of money spent on the day also dropped sharply, from €929 in 2019 to €716 this year. This represents a six-year low.
Two out of five parents said that there was a greater focus on the ceremonial aspect of the day this year, rather than on the celebration or money.
The survey also showed that children spent less of their Communion money this year compared to last, with parents reporting on average that their child spent one quarter of their money, as opposed to 28 per cent last year.
Half of the children of the surveyed parents either shared some of their Communion money with their siblings, or donated some to charity, which was up from 42 per cent last year.
Of the children who have spent money, the most likely purchases were toys, computer games, clothes and sweets.
Lisa Slattery, Ulster Bank's Head of Digital, said Communion may be the first time children end up with a large amount of money.
“It's the perfect opportunity for parents to teach them the importance of financial planning as a life skill.”
