Yahoo Finance Sons spend more than daughters for Mothers' Day
New research has found sons spend more than daughters on gifts for mothers' day, although all mum wants is something sentimental.
Sons spend $106 on average for a Mother's or Father's Day gift, finance firm Suncorp has revealed, while daughters spend $93.
"But daughters tend to be better at planning ahead and budgeting – a timely reminder in the value of planning with Mother’s Day on the horizon," said Suncorp behavioural economist Phil Slade.
However, the survey of 1,581 found that most people value gifts with sentimental value rather than something expensive.
Slade said there is a psychological link between how much time and effort the giver puts in to come up with the present and how much they want to feel connected to the gift receiver.
"People value different qualities so investing thought into what the person you’re buying for likes may not only reduce the cost, but make it more meaningful."
Australians spend in total $18.4 billion each year on gifts, equating to $1,013 per adult.
The average person spends the most on Christmas ($470), with birthdays ($360), engagements and weddings ($204), anniversaries ($169) and Valentine’s Day ($100) following.
An average of $99 is spent for Mother’s Day, which is coming up this Sunday in Australia, and Father’s Day.
Slade said planning ahead is crucial to remain financially responsible.
"If you take the time to work through your finances and correctly guesstimate how much money you will need to save before a planned celebration, this will help to make giving gifts more affordable."
Other tips from Slade for making presents more affordable was to buy second-hand, especially for larger items like musical instruments; arranging a group gift; and not leaving the purchase until the last minute.
"Leaving present planning and shopping until the last minute means you are more likely to make irrational decisions and spend more out of guilt."
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