Working parents splash up to 2,000 pounds a year as a compensation for not spending enough time with their children, revealed study.
Some of the guilt-ridden parents who spend just 15 days a year with their kids resort to giving expensive gifts to them.
According to the study conducted by a leading cake mix specialist Green's, the average working parent spends two hours a day with their children.
The study revealed that men are more likely to fork out the cash, spending an average of 1,371.45 pounds on gifts, treats and days out for their children compared to mothers who spend 1,156.82 pounds.
Parents under the age of 35 are amongst the biggest spenders, lavishing 922.24 pounds on gifts including sweets, magazines and toys in a year. While parents aged 35 to 44 spend on average of 518.09 pounds.
"Most parents today are under considerable pressure to balance their working lives against their parental responsibilities, and often the easiest thing for parents to forgo is "quality time" with their children," said Donna Dawson, Child psychologist.
"To make up for this, guilty parents will spend more money on their children to ensure that their children feel loved," she added.
But, the fact of the matter is that young children will treasure the quality time spent by their parents more than any other gifts, when they grow up and make them feel loved.