The bank’s research found that more than three quarters of parents give children money at Christmas.
Cash is also a popular birthday present for children. Halifax found that when it comes to birthdays, they typically give their children £79.70.
For those kids with a birthday in December, this means combined Christmas and birthday gifts from their parents could add up to almost £190.
More than half (54%) of parents are happy to throw their kids a party outside of the home and, while most (45%) would cap the guests at 10, a generous fifth (22%) would allow up to 15 children to join in the celebrations.
With parents prepared to pay an average £19.74 per head, many parties can therefore set parents back somewhere between £200 and £300.
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‘Plan ahead and have separate savings pots’
Darren Tong, savings director at Halifax, said: “Christmas and birthdays are opportunities to make magical memories but there’s no denying the financial pressures they can make parents feel under.
“A good tip is to plan ahead and have separate savings pots for birthdays and Christmas, putting aside a little each month through-out the year, so you’re covered when you need to pay a lump sum for a party or gift.
“You can also gently involve children in general Christmas spending – on food, or decorations – and take the opportunity to talk to them about making sure you don’t stretch yourself and or feel pressure to spend more than you can afford – you don’t need to break the bank to have a wonderful Christmas with family and friends.”
