The Children's Mutual

The Children's Mutual

November 14, 2008 04:00 ET

Christmas Brings 1.2 Billion GBP of Broken Toys

LONDON, ENGLAND--(Marketwire - Nov. 14, 2008) - More than a third (37 per cent) of Christmas toys and presents don't make it past the end of January, according to research from leading Child Trust Fund provider, The Children's Mutual (http://www.thechildrensmutual.co.uk/). It found that a staggering 1.2bn GBP is wasted each year, by family and friends buying gifts that get broken or discarded long before we give up on our New Year's resolutions.

According to its research, excluding those from their immediate family, children wake up on Christmas morning to find an average of 16 presents wrapped up under the tree and 76GBP in cash - with a total of 316GBP spent per child in the UK. The Children's Mutual is urging friends and family to think about saving some of that money into long-term savings to deliver a Christmas gift that could last a lifetime.

David White, Chief Executive of The Children's Mutual, said: "At Christmas time, youngsters benefit from huge generosity from friends and family but if just a little was saved every year, it could grow into a far bigger present on their 18th birthday. We have calculated that if the average amount of cash given each year was saved into a Child Trust Fund account, it could bolster their savings pot by 2340GBP excluding any government contributions."

And according to the data, some families are already catching onto this new Christmas gift trend. The Children's Mutual recorded a 75 per cent uplift in lump sum payments around Christmas last year. The research supported this showing a fifth (19 per cent) of parents put all of the money their children receive into saving accounts for the future, while four in 10 (40 per cent) balance the demands of their children with thoughts of the future, by putting some into savings and letting their children spend the rest.

Mr. White said: "According to our research, more than half (53 per cent) the toys given to children at Christmas do not last until Easter because they are broken or discarded for new favourites. By saving some Christmas money into a Child Trust Fund account, children could benefit from a present that lasts a lifetime."

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