It's official - January babies are short-changed on birthday gifts. People with a January birthday will lose out by up to £1,120.11 of gifts over their lifetime according to new research, which also revealed that UK adults are set to spend almost £26billion on birthday gifts in 2020
January babies are short-changed on birthday gifts, according to new research from financial comparison site money.co.uk, by up to £1,120.11* over their lifetime, as one in 10 people admit to spending a third (34% - £13.82) less on birthday presents in January than the rest of the year.
The average UK adult is set to spend £392 on birthday gifts in 2020, resulting in a national total of almost £26billion** being spent on celebrating birthdays this year alone.
The most money is spent on partners (£91), followed by children (£72) and parents (£45). The data also revealed Brits do in fact have a favourite parent, with people on average spending 16% (£6.78) more on their mums than they spend on their dads.
Birthday spend varies wildly around the UK; people of Belfast are the most generous, spending (£55.40) on average per gift, followed by Londoners (£49.40) and people in Birmingham (£45.10). People in Nottingham spend the least on gifts (£26.01), ahead of Southampton (£26.75) and Plymouth (£28.11).
Salman Haqqi, personal finance expert at money.co.uk commented: "After the financial excesses of Christmas, for many people January is a time for getting back in control of their money. This often involves reigning in spending on purchases such as gifts, activities and nights out, which may leave those born in January feeling a little left out.
"However, birthdays aren't the only gifting occasions people have to budget for. There are also traditional occasions such as weddings, christenings and anniversaries, as well as more modern celebrations that are growing in popularity, such as engagement parties, baby showers, gender reveal parties, job anniversaries and promotions. It all adds up to a lot of expenditure that people really need to create a plan and budget for.
To help people benchmark and manage their spending on gifts, money.co.uk has created the Gifting Index calculator, which provides a breakdown of what people are typically spending on different occasions, plus a budgeting tool to help them plan out their annual gifting spending.
Salman added: "Having visibility of the amount you're likely to spend over the course of the year is a great way for people to effectively manage their money and take a pro-active approach to budgeting."
Notes to editors:
We ran a survey using accredited survey company CensusWide, on 2,041 general respondents, with a distribution in gender, age and city which forms a national representative. As well as age, gender, and city, the respondents disclosed their salary, so we can assess and compare how respondents from these different splits answered the survey questions. We asked 11 questions around gifting and the money spent.
*Average UK lifespan 81.05years (ONS) ** UK adult population is 66million x £392 = £25,872,000,000