Parents fall short of children's Christmas wishes by £300

The average child's Christmas wish list is worth £467, according to research by The Co-operative Insurance.

The survey of 2,000 parents shows that two thirds (65%) of British children have trawled toy catalogues and websites before compiling their ultimate Christmas gift list, and more than half (60%) have been avidly watching TV adverts to help inform their choice of presents.

According to the research, gadgets have been requested by a fifth (18%) of four to 12 year olds, with an iPad top of list, followed by a Nintendo 3DS and an iPhone.

Other ‘must-have' toys making the cut include Moshi Monsters (15%), Lego Friends (13%) and Furbies (9%). However, more traditional options will still make popular presents this year, with books a gift of choice for more than a quarter (27%) of children as well as DVDs (29%) and computer games (21%).

The research also shows that despite the extensive wish-list from their offspring, the average parent is planning to spend £134 per child - £333 less than what their children request.

Carl Burton, Home Insurance Manager at The Co-operative said: "Our research shows that parents are still spending a significant amount on their children, even if it does fall short of what their children expect.

"A large number are demanding electronic gadgets such as smart phones and iPads for Christmas, which of course are much more expensive than traditional gifts like toys and books, and the findings tell us that this can put pressure on the family finances."

The research shows that more than half of parents (54%) worry about being able to afford Christmas gifts that their children want. It also shows that nearly four in five parents (77%) have saved up so they can buy presents for their offspring, with one in five (22%) saying they've saved up all year.

The findings also reveal that despite around half (46%) of parents worrying that the home will be over-run with their children's Christmas presents, two thirds (65%) are not aware that the new gadgets and toys could add to the value of their home contents.

Carl Burton said: "The research also tells us that majority of people do not consider adding Christmas gifts to their insurance, which means that if there was a burst pipe because of the cold weather, or worse, a fire in their home they could be set to lose out."

The Co-operative Insurance gives its customers 10% extra home contents cover in case they need to make a claim over the festive season.