Four in ten (40%) of respondents prefer to receive cash as a gift compared to 29% who prefer a bank transfer into their account. This is followed by gift cards (14%) and cheques (4%). However, one in twelve (8%) said they don’t like to receive money as a Christmas gift in any form.
Cash also proves popular across all age ranges including so-called Generation Z and Millennials. 45% of 16–24-year-olds surveyed preferring cash as a Christmas present compared to a bank transfer (36%). 43% of 25-39 year olds prefer cash compared to 36% who prefer to have it paid directly into their account.
The data also shows people prefer to give cash as a gift as well, with 40% saying they’d give cash followed by gift cards (26%) and bank transfers (20%).
According to the research, when asked to choose from a given list what the top reasons for giving cash as a Christmas present were:
Respondents would also give more cash to a closer family member or loved one, than they would to a friend. Among those who would give cash as a Christmas gift, the average amount they’d give to a family member is £42, compared to only £18 for a friend.
Across the UK, giving cash is most popular Northern Ireland (55%), followed by Wales (44%) and then London (42%) and Scotland (40%).
However, of those that were surveyed, a fifth (20%) said they have moved away from cash entirely, opting to never give cash as a Christmas present. In general, some of the reasons why people don’t like giving cash include:
Graham Mott, Director of Strategy, LINK, said: “The nation has spoken and for anyone stuck for a last-minute gift, it looks like we’re happier with cash as a gift rather than a bank transfer or other ways to give money. Cash is tactile and seems more personal than a digital payment and to be honest, the new polymer notes are pretty smart.
“However, some people prefer the security of sending a cheque in the post and this year in particular, families unable to meet up may choose to send money electronically or as a cheque.”