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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.
I’ve yet to ever meet anyone who grumbled about receiving cash in their stocking
Graham Mott, Link
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.
Link said that Christmas is traditionally the busiest time for UK cash machines, with customers typically withdrawing around £1.5 billion in the space of a week.
Historically, the busiest day for cash machines on the Link network was December 22 2017, when £766 million was withdrawn.
But as Christmas Day falls midweek this year, Link expects that cash machines will be significantly busier across the week as a whole rather than transactions hitting a particular peak day.
Graham Mott, director of strategy at Link, said: “Even though most people are now choosing to pay for things digitally or do their Christmas shopping online, it’s always nice to see that cash remains a popular gift. I’ve yet to ever meet anyone who grumbled about receiving cash in their stocking.”
The survey of more than 2,100 people across the UK in November was undertaken on Link’s behalf by YouGov and Enryo Consulting.
