Christmas costs parents£1.8bn

With the risk of debt this brings, 11 per cent of children said that they would rather that their parents invested the money in savings, according to Liverpool Victoria.

Nigel Snell, Liverpool Victoria’s corporate communications director urged proper debt management throughout the year to afford this: “Whatever the spend, Christmas is an expensive time and saving a little and often throughout the year will help to pay off those yuletide bills.”

Welsh parents were found to be the most generous, spending an average of £594 per child, while London kids are most likely to receive just a satsuma in their stockings as the average spend was the lowest, at £158 per sprog.

Whoever you are buying gifts for this Christmas, a debt management plan can ensure that the new year is not spent with a financial hangover.

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