Considerate children are willing to give up their Christmas presents to help the family finances, new research shows.

Data gathered by swapit.co.uk, an online swapping community for young people, says 89 per cent of children are happy to have fewer gifts. Some already expect to receive less than they did last year.

Christian Lindstrom, chief executive officer of swapit.co.uk, said: “Our research shows that children crave parents to spend time with them at Christmas instead of splashing the cash unnecessarily.

“Parents should talk to their children about their finances – they may be surprised by how understanding and financially savvy they are.”

The survey shows young people are now more clued-up on money matters, with only seven per cent of under-18s unaware of Britain’s money troubles.

Some 62 per cent of youngsters discuss the family finances with their parents.

Mr Lindstrom added: “The economic crisis over the past few years has not just affected adults, the younger generation seemed to have picked up on the need to save.”

The 2009 Christmas period saw five million people increase their debts but stockings are still set to be bulging on December 25.

The average child is due to receive six presents from their family and a lucky 14 per cent will expect more than 20.

Swapit.co.uk surveyed 1,026 under-18s during December.

The amount of money parents will spend on each child is £168 on average, according to the Cost of a Child survey by insurance, investment and retirement group LV.