Add Category
More effort needed ... giving cash to kids at Christmas may result in them blowing it and instead experts say thought should be put into gifts. Picture: Thinkstock. Source: Supplied
THE days of kids as young as six receiving a stocking full of Christmas presents with the latest mod-cons may be over — instead many will end up with wads of cash.
But experts have a strong message for time-poor parents taking the easy option and putting money under the Christmas tree — don’t do it.
Nine out of 10 children will open up envelopes laden with cash this Christmas, new Roy Morgan research shows.
The gifts are expected to add up to around $50 by day’s end.
Easy option ... nine out of 10 children will receive cash for presents this Christmas. Source: News Limited
But child psychologist Dr Michael Carr-Gregg said giving children money shows “a lack of imagination by parents.â€
“It’s lazy parenting,’’ he said.
“They must be very-time poor, the spirit of Christmas is being lost, it’s really about giving a gift that is thought about and appropriate for your child.
“Handing over a wad of cash is impersonal, it’s important to teach kids about savings and literacy around monetary matters whereas just handing over cash doesn’t do any of that.â€
Don’t do it ... child psychologist Dr Michael Carr-Gregg says giving children money at Christmas is lazy. Picture: Supplied. Source: Supplied
He said if cash is given to children there should be a purpose to it instead of letting kids just blow it.
RELATED: Save money with free and cheap school holiday activities for kids
ALSO: How much pocket money should your kids get?
Consumer expert Christopher Zinn also said giving cash to kids can result in them just “frittering it away.â€
“If the child has a bank account or a piggy bank then you can give the cash and explain what saving can achieve,’’ he said.
“If you can make sure it goes into an account that the children can engage with or there’s some strings attached to giving the money that’s good but this can be easier said than done.
“Cash is a very easy thing to give and a very easy thing to spend and forget about it.â€
Gadgets ... boys are likely to buy toys or console games or bank their cash. Picture: Fotolia. Source: Supplied
Differences ... girls are likely to buy toys, clothes or save it in the bank. Picture: Thinkstock. Source: Supplied
The research found when it comes to spending the money girls are most likely to buy toys, save it in the bank or buy clothes.
Boys are also likely to buy toys or console games or even tuck it away in the bank.