Giving money to the people on your Christmas list may seem like a cop out, but it’s what many of them probably want — especially if they’re young.
A new survey from Wells Fargo revealed preferences around holiday gift giving and receiving. Just over 2,000 adults were polled, and the results indicate that even though most people prefer to give a physical gift, they also prefer to receive money or gift cards, making for a bit of a disconnect. Here’s what the survey revealed, plus a few tips in case you decide to give money for Christmas this year.
Cash Is King
Almost half of the people surveyed (48%) want cash or checks for Christmas. That’s across all generations, so everyone from the collge freshman to the grandmother would appreciate money in their stocking.
Funny enough, despite their preferences, only 34% of people prefer giving cash or checks. Most people (65%) still prefer to give physical gifts, probably because they feel more heartfelt, thoughtful, and may also be less awkward to give. As someone who enjoys gifting more than receiving, I totally get it.
Gift cards, which operate like cash but can be a little more restrictive, are also heavily favored by gift recipients: 56% prefer to receive them. Fifty-four percent of people surveyed said they prefer to give them, making gift cards a seemingly more acceptable form of giving money.
Digital Gifting
While many people want money for Christmas this year, there’s a generational divide among exactly how to send and receive that gift.
Forty-five percent of Gen Z and 42% of Millennials surveyed said they would prefer to receive their money digitally rather than by cash or check. That means sending money via apps and services like Venmo, Paypal, and Zelle. Conversely, only 10% of boomers and 27% of Gen X prefer to get digital money gifts.
Younger people would also love to get Christmas money in a different way: crypto. According to a Visa and Morning Consult survey, 45% of Gen Z adults said they’d be excited to receive cryptocurrency as a holiday gift.
Sending digital money gifts doesn’t just stop at friends and family either, at least for young people. Of the people surveyed by Wells Fargo, 60% said they plan to tip their service workers — think dog walkers, hair stylists, and delivery people — and Gen Z and millennials are most likely to do that in the form of digital money.
The survey also found that people should get over their hangups regarding giving money as gifts. A majority (65%) of people surveyed appreciate getting digital money gifts, but 49% feel awkward requesting it. So next time you’re not sure what to get someone, just ask for their Venmo and avoid the awkwardness.
Tips for Gifting Money
If you decide that giving people money or gift cards for Christmas is your best bet, there are a few helpful tips to follow so your recipient actually receives their gift.
- Don’t send cash or gift cards through the mail in a Christmas card. Both can easily be stolen, especially gift cards that can be felt without opening the envelope. If you must send money through the mail, write a check or put the cash or gift card in a small box instead of an envelope.
- Use apps like Venmo and CashApp to send money securely. As long as you double check that you have your recipient’s information correct, there shouldn’t be any risk of it being stolen or lost.
- Follow best practices when you’re purchasing gift cards. There are many scammers who steal gift card balances right after you purchase it, without you even having any idea. Make sure you inspect any gift cards you purchase closely, or buy them online directly from the retailer or restaurant.
