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Grandparents urged to make festive savings contributions

Parents would prefer grandparents to make Christmas gifts of savings donations, new research has suggested.A survey by Family Investments found most parents said that they would like grandparents to make smaller physical gifts and instead spend money on contributing to childrens' savings accounts.Kate Barker, head of savings and investments at the child trust fund provider and savings specialist, urged grandparents to ask parents what gift they would prefer, as 64 per cent of parents were not at ease with the idea of giving the advice unsolicited."Re-directing your generosity and making a donation into the children's savings account, along with a small present on the day, will create a more lasting and welcome legacy," she said.Last month, Family Investments said that parents were cutting back on spending on their children for Christmas.According to its research, 71 per cent would rather put any spare money into savings accounts for the youngsters.

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