Parents would rather spend billions on toys than invest in savings for their child's future, says Yorkshire Building Society.
The building society found that while UK parents plan to spend £1.8 billion on toys for Christmas gifts this year, more than half have not set up any form of child savings.
Chris Edwards from Yorkshire Building Society said: "While accumulating a treasure trove of toys, many of which do not last a month, many children are not being given the benefit of real 'treasure' - savings that will be a real help to them in the future: they are 'toy rich, cash poor'."
In a survey of 800 parents, the building society found only 49 per cent of parents save regularly for their children - but that the majority of mums and dads will spend £150 on toys this Christmas.
Moreover, the survey found that even though a third of parents are saving, they are doing so only for a "rainy day" and are not saving on a serious level.
Only four per cent are saving for a house deposit for their offspring, three per cent for a car and only two per cent for a wedding.
Recent figures have shown thousands of government-issued Child Trust Fund (CTF) vouchers - given out by the government to encourage parents to save for their child's future - have not been invested.To read more about Child Savings, click here.
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