Parents are spending an average of €929 on their child's Communion Day.
An Ulster Bank survey says this is the highest spend recorded since 2011.
The figure is also a substantial increase of €69, or 8%, on 2018.
It also found that parents spent an average of €218 on a child's communion outfit, up €56 on last year.
Spending on outfits for other family members was also up 27%, from €153 to €195, while spending on party food and drink was up a more modest 2%, from €349 to €357.
Children themselves received €617 on average this year, up 10%, with almost one-quarter receiving more than €800.
On average, girls received more money than boys, at €646 versus €587 - however both saw a marked increase on last year's figures, up €69 and €46 respectively.
Some 62% of people think that their child received too much money, while one-in-five believe that their child should contribute towards the cost of the day.
And almost three-in-five of parents spoke to their child about money before the Communion.
Of those children who have spent money to date, the most likely purchases are: toys (42%), clothes (29%) computer games (28%), books (23%) and sweets (18%).
Regarding overall attitudes to Communion spending, there has been a drop in the number of people who agree that there is pressure to spend as much money on the day as other parents.
Just over two-fifths (41%) of parents say there is pressure to do so, compared with over half (53%) of respondents in 2018.
Elizabeth Arnett, head of corporate affairs in Ulster Bank, said: "It's important for children to learn good habits from an early age, not least when it comes to spending and saving money.
"As most of us are well aware, Communion is the first time that many children end up with a large amount of money, and a burning desire to spend it.
"But we believe that it is also the perfect opportunity for parents to teach them the importance of financial planning as a life skill.
"It's encouraging to see from the survey that 90% of parents talked to their child about the money they might receive and how they might use it."