The amount of money parents spent on Holy Communions this year is down compared to last - while the amount of money children receive is up.

New data from Ulster Bank has revealed that, on average, parents spent €713 on First Holy Communions this year - a 4% decrease on the previous year's €744,

The breakdown of spending is as follows:

• Child's outfit for the day €163 (-9% vs. last year)
• Outfits for other family members €190 (+8%)
• The party / celebrations / food and drink €291 (-4%)
• Children's entertainment €69 (-20%)

Children received an average of €521 for their Communion, a significant increase from €432 last year.

Most children spent this money on video games - followed by toys and clothes, while 10% decided to save it.

Fewer parents took out a loan to pay for the celebrations compared to last year - with the majority - 88% - being in a position to pay for the event with their own savings.

Jim Ryan, Managing Director of Branch Banking, Private Banking and Financial Planning, Ulster Bank said "A First Holy Communion usually presents children with an opportunity to save or spend a significant amount of money for the first time. Our research shows that Communicants are saving two thirds of the money, which is less than last year’s Communicants, who saved three quarters of their earnings."