Young adults would prefer money to presents this Christmas
Forget the latest life-enhancing gadget or home entertainment craze, research from the Payments Council reveals that, this Christmas, the younger generation is shunning traditional gifts in favour of re-filling their coffers.
The so-called ‘Lost Generation' of 18 to 34 year olds is feeling the financial squeeze from all angles - and they are turning to Father Christmas for a helping hand. The majority says, they would prefer to receive financial gifts (40%), to surprises (37%), or even specific items they have asked for (23%), highlighting just how cash-strapped the nation's 18 to 34 year olds are.
In contrast to this, ‘those aged 35 and upwards still prefer the romance of a surprise gift (51%) to money in one form or another (31%), with just one in five wishing to receive gifts of their own choosing (19%).
Sandra Quinn, spokesperson for the Payments Council, said "It seems that rather than requesting treats and luxuries this Christmas many younger adults are just hoping to improve their finances. Of course this may not work out, as our research also shows that one in six of us would never give money at Christmas and the same number would feel embarrassed at the lack of effort involved. A hardcore one in eight would rather send a gift they aren't sure would be welcome, than send a financial gift instead."
How we'd like to receive our money
Across the population, a clear wish list emerges from the survey of how we would prefer to receive our Christmas pounds and pennies. 46% of British adults prefer the immediacy of cash, with vouchers and gift cards ranking second (26%), cheques third (8%) and an electronic payments was the method of choice for 5%. Over the next few years it's very likely that more appealing alternatives to giving cash or cheque gifts will emerge for customers: for instance it seems very likely that prepaid cards will become much more popular.
By way of a friendly warning to well-intentioned grandparents and parents, the survey finds 13% of over-55s are preparing to send cheques out this Christmas, but that just 6% of under-35s would be happy to receive one, perhaps due to the hassle of having to pay it in and the time it takes to access the cash.
And whilst recent research has found electronic transfer to be one of the most popular ways people like to receive money, just one in 20 (5%) say they would welcome their Christmas money being delivered in this way.