New research from St. James’s Place (SJP) reveals that a fifth (18%) of children’s Christmas gifts are wasted each year. This amounts to £760 million worth of presents that are annually unused, unwanted, exchanged or thrown away across the whole of the UK, on average.
This Christmas, however, two in five parents (39%) plan to gift a financial investment to their children, by either setting up or contributing to an account or product that will benefit them in the future, as a third (32%) say the pandemic has made them think more about the importance of saving money.
The survey of more than 1,000 parents reveals that each child receives an average of £352 in gifts at Christmas, with an average of £63 spent on ‘wasted’ presents.
The proportion of wasted gifts varies regionally with over a third (35%) of gifts going to waste in London, 20% in the East Midlands and 18% in Yorkshire and Humberside.
Four in five (79%) parents agree that this level of waste is a worry, with 30% citing concerns over the potential financial loss of spending money on wasted items, and 21% concerned about the environmental impact of discarded gifts. A further 28% are concerned about the example it sets for their child.
Read the Full Research on SJP