Alongside socks and selection boxes, many children will be receiving money as a Christmas gift this year, according to new research.

A survey by MoneyExpert found that some £2.4 billion is to be handed out to youngsters by mums, dad, aunts and the like.

It was discovered that adults plan to give children between £20 and £50, although eight per cent intend to part with anything from £101 to £250 in cash presents.

However, the financial comparison site suggested that parents and family may want to take this opportunity to encourage youngsters to save any money they are given at Christmas.

"Nobody wants to pore over savings rates over their turkey sandwiches, however, so keep your eye on the cash and if your children haven't spent it all after a few days why not talk to them about how to save. It might just work," said chief executive Sean Gardner.

In addition, those looking to give themselves a financial makeover in the new year could consider debt consolidation solutions, or even looking at what loans are on offer to help them organise their cash.ADNFCR-1287-ID-18391446-ADNFCR

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