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Credit crunch lightens Santa’s load

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by David Masters
Credit crunch lightens Santa's load

British children understand the credit crunch, and expect Santa’s sack to contain less presents this year because of it.

Research by insurer Liverpool Victoria (LV) found that 68% of eight to eighteen year olds understand the credit crunch, and 44% expect to get fewer or cheaper presents this year.

Almost three quarters of children between eight and ten believe in Santa Claus, but 26% of these still think they will get fewer presents, expecting that even Father Christmas will have been hit by the economic downturn.

Three and a half million children think their parents will spend less on Christmas this year, whilst one third of children have asked their parents for less expensive gifts.

LV chief executive Mike Rogers said the children questioned for the survey demonstrated a ‘surprising’ level of economic understanding.

He added that it is ‘humbling’ to see children doing their bit for family finances.

Despite the bleak outlook, there may still be some hope of a present-filled Christmas.

A survey by Halifax revealed that the price of many popular gifts, including toys and clothes, has fallen recently.

LVQ Research conducted the survey during November with 817 children aged eight to eighteen.

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News posted: December 19, 2008

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