Brits take the easy way out with cash Christmas gifts

Cash gifts

More than a third of people in the UK will give money rather than gifts this Christmas, new research has revealed.

The average cash gift will be £114, while 5% will give between £200 and £500, according to the report from pensions and insurance provider Friends Life.

More than a third of Brits prefer to give money so that people can buy what they really want, while a quarter believes a financial gift will be more appreciated. Unsurprisingly, one in 10 men admit they would choose money over a traditional gift just so they don't have to go shopping.

Offering a compromise between cash and gifts, gift vouchers are a popular choice for a third of Brits.

More than a quarter (28%) of people give their children a cash gift, while 14% give their nieces and nephews money, and 9% give their siblings cash.

Make a choice

Lindsay Forster, consumer marketing director at Friends Life, said: "Christmas is a time for giving and our research shows that increasingly, people are opting to give money so the recipient can make a choice on how they use it. It's a great opportunity to help your loved ones think about how they manage their money, giving cash can help people to save towards things they really need."

People will also be making financial gifts this year, the financial services firm said. One in 20 Brits will offer larger amounts to help with mortgage costs, while one in 10 in the over-55s age group will offer money at Christmas to help someone in financial difficulty.

People in Northern Ireland are the most generous with their cash gifts, with more than 16% giving between £201 and £500, while in London only 8% will give such large amounts.


More about