When compared with the same survey carried out in 2012, results show that families in Quebec have reduced their holiday season spending.
QUEBEC, Dec. 1st, 2014 /CNW Telbec/ - According to a recent CROP survey commissioned by Universitas, education savings specialist, parents in Quebec expect to spend less on their children's Christmas presents this year. Indeed, nearly half the respondents (45%) plan to spend less than $100 per child. This reality is especially true for middle-class parents with a family income ranging from $60,000 to $80,000, as they are more numerous to say they plan to spend under $100 than in 2012 (37% v. 23%). Moreover, 74% of parents believe that the total value of the gifts their children will receive this Christmas will be less than $250, while in 2012, 40% estimated that their children would receive a value of $250 to $1,000 in gifts.
"Given the current economic environment, it's no wonder that families, mainly those belonging to the middle class, are tightening their belts and reducing Christmas spending this year," says Sonia Dupèré, Associate Vice-President – Customer Service and Sales Administration.
Interestingly, mothers seem to hold the purse strings tight when it comes to the Christmas gift budget. More than half of them (53%) plan to spend under $100 per child, whereas 52% of fathers expect to spend $100 to $250.
Cash and Gift Cards Never Disappoint!
It would seem that a trend exists since 2012 in terms of the type of gifts parents wish to receive from friends and relatives for their children (all ages). Cash (45%), gift cards (41%) and clothing (42%) remain the big favourites. Among the younger parents aged 18 to 34 years, about half the respondents said they would prefer to receive clothing (49%) and toys (45%) for their children, whereas parents aged 35 to 54 years favoured cash (46%) and gift cards (44%).
Other than the "traditional" gift ideas for children, the most popular gift remains a trip or a family outing (57%), followed by the opening of, or extra contribution to a registered education savings plan (RESP) at 25%.
Education… A Priceless Gift!
An emerging trend in recent years is to opt for more significant and long-lasting gifts. Results showed that 66% of the parents surveyed were enthusiastic about the idea of a friend or relative investing in an RESP for their children as a Christmas gift. The interest for this gift is more significant among parents aged 35 to 54 years (71%), and among respondents with a family income in $40,000 to $60,000 bracket (74%).
"At Universitas, we encourage relatives to contribute to the RESPs of children dear to them. It's a nice way for grandparents, uncles and aunts to make a difference in the lives of their grandchildren, nephews or nieces. This holiday season, why not choose the RESP as a gift? It may be a less immediate gift, but it's one that will truly make a difference when the children grow up," adds Sonia Dupèré.
Universitas offers gift certificates for those tempted to invest in a child's future this holiday season. These are available online at www.universitas.ca/en/resp-plans/the-resp-as-a-gift/gift-certificates.
Methodology: the survey was conducted by the CROP survey firm online via a Web panel in 2012, from September 12 to 17, and again in 2014, from October 16 to 20. In both cases, a total of 1,000 questionnaires were completed by Quebec residents.
About Universitas
Since 1964, Universitas has and continues to be an RESP industry leader, at the service of Canadian families across Quebec and New Brunswick. With the mission to encourage post-secondary education through savings and educational assistance payments (EAPs), Universitas has a $1 billion in assets under management, has paid out over $500 million in returned contributions and EAPs, and currently has some 208,000 beneficiaries. For more information, visit the website www.universitas.ca.
SOURCE: Gestion Universitas inc.
For more information or to schedule an interview with a Universitas spokesperson, please contact: Lydia Juliano or Julie Deschambault, Matom Communication, [email protected] | [email protected], 514 949-1446 | 514 891-8645
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