Savings better than toys at Christmas

09 December 2005
Kids are careless with toys, making investment in savings a better present this Christmas, says the Children's Mutual.

Research carried out by the GfK NOP for the Children's Mutual revealed that almost half of toys given as presents at Christmas will be broken within three months - at a cost of £870 million.

This means 46 million gifts will be useless by March, making savings a much better option at Christmas, says David White, chief executive of the Children's Mutual.

He said: "If parents asked for the value of just three gifts, an average of £50, to be put into a savings plan every year for a child from age one the money could grow to more than £1,400 in 17 years' time.

"Every child will be grateful for a financial head start in adult life, and this Christmas present will last long after the tree is down and the turkey eaten."

Recent research by Yorkshire Building Society revealed less than half of parents are saving up for their child's future, but plan to spend more than £150 on toys this Christmas.

To read more about Child Savings, click here.

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