Cash is the most popular way for young adults to receive financial gifts at Christmas, a survey indicates. Nearly half (49%) of 16 to 24-year-olds surveyed said they would prefer to receive cash as a Christmas present, according to research for cash access and ATM network Link.
Two-fifths (40%) of people in this age group would be happy to receive a voucher, while just over a third (36%) would welcome a bank transfer as a festive gift. Nearly a third (32%) of younger people would like a payment directly into their savings account as a Christmas gift.
And while many in this age group may never have owned a cheque book, around a fifth (19%) would welcome a cheque as a present too. People can nowadays often use their banking app to pay in a cheque, rather than having to visit a branch to pay it in. Across all age groups, gift cards and vouchers were found to be the most popular way to receive financial gifts at Christmas.
When asked what they would prefer to receive, gift cards and vouchers were the most popular selection (43%), followed by cash (37%). One quarter (25%) would prefer to receive a bank transfer, with 11% wanting a cheque. Nearly a fifth (19%) of people surveyed said, however, that they would not want to receive a financial gift.
Alongside receiving gifts, four-fifths (81%) of people said they were considering giving a financial gift this Christmas. Of those giving a financial gift, 27% were likely to give between £20 to £50, with a further 15% likely to give between £50 and £100, and 2% offering more than £500.
