40% of the LINK survey 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 with 14% and cheques 4%. However, 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 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.
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.”
For some however, giving cash may be perceived as unimaginative, unthoughtful or even downright lazy. As always, the internet provides solutions to problems most people never had. This blog provides fascinating advice on the subtle etiquette of giving and receiving cash. One essential takeaway: “Generally, it’s not cool to give financial gifts to your significant other for any occasion.”
For those who lack creativity, there are countless ideas online for inventive ways to give cash; you can find tutorials for anything from banknotes frozen inside giant ice cubes to cash-filled chocolate boxes. This tutorial will teach you how to make a notepad out of banknotes.