PARENTS in Bradford will spend £163 on presents for their children this Christmas, according to the Halifax.

The bank also suggests that if the money spent annually on festive gifts was put in a Halifax Junior Cash ISA over an 18-year period, parents could build up a nest egg for their child of about £4,347.

Richard Fearon, head of savings at Halifax, said: “While we appreciate that most parents would not choose to forgo all their children’s Christmas presents, this research demonstrates how setting just some of the Christmas budget aside could significantly add up over the long term.

“With just under a third of children wanting to receive money for Christmas, it is more important than ever to ensure that any savings are put to the best use. Starting a nest egg for your child’s future will make them truly grateful for years.”