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Give Santa the sack, say parents

Almost half of parents think their children get too many Christmas presents and more than a third would prefer them to receive money to invest for the future.

In a survey of 1,981 parents by the Association of Investment Trust Companies, 44 per cent said that too much money is spent on Christmas presents.

Thirty-six per cent said they spend over £150 on their children&#39s presents and 57 per cent spend more than £100.

Welsh children fare best, with 52 per cent of parents spending over £150, compared with only 19 per cent of West Midlands parents who spend over that amount.

Thirty per cent of all children receive over £50 cash at Christmas and 14 per cent get more than £100 cash. Scottish children get the most cash, with 54 per cent receiving over £50 and 18 per cent getting more than £150. In East Anglia, only 10 per cent receive over £50 and only 2 per cent of children in the North-west receive more than £150.

Only 38 per cent of children invest their money in a bank or building society compared with 58 per cent who spend it on clothes or toys.

Communications director Annabel Brodie-Smith says: “Parents and grandparents should perhaps think about investing some of the money they would spend on presents into an investment trust savings scheme. Regular investing in investment trusts can build up into a considerable lump sum, which could give your child a financial headstart.”

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