A degree of apathy is slipping over Christmas. Research reveals that younger children are receiving cash as a Christmas gift, while older children and young adults find the financial side of Christmas totally debilitating.
According to research by Roy Morgan, nearly seven out of ten children now receive cash as a gift under the tree – an average of $85. Furthermore, the amount given to children is increasing over the years, despite the slowing Australian economy and tighter household budgets. 38% of 6-13 year olds who receive cash now find more than $100, up from 28% in 2007.
One positive to this, however, is that investing in a savings account remains the top priority for young Australians who receive money as a Christmas gift. 49% intend to save, while other proposed uses for the cash include toys and gaming consoles. A third of children intend to save for something more expensive.
Fewer children expect to spend their Christmas hoard on CDs and magazines compared to 2007. Refreshingly, over a quarter of children (26%) now wish to spend on books compared with just 20% four years ago. Mental health organisations are warning that generosity bestowed on children needs to be marshalled with a sense of sharing and gratitude.
Headspace, meanwhile, has found that older children and young adults are anxious this Christmas, due to family arguments and financial worries. Disconcertingly, half of those aged between 12 and 25 reported that they would be perfectly content if Christmas was cancelled.
Let's encourage our young people to share, save, and cherish a time for family and celebration.
Mark Hornby
