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All I want for Christmas is….cash!

All I want for Christmas is….cash!

Category: Savings

Updated: 17/12/2010
First Published: 17/12/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

All that hard-up 20 and 30-somethings want for Christmas this year is cash, a new survey has revealed.

Research conducted by the Payments Council found that the younger generation is all for shunning traditional gifts in favour of re-filling their coffers.

With the so-called 'Lost Generation' of 18 to 34 year olds feeling the financial pinch, it seems they are having to turn to Father Christmas for help.

Four in ten (40%) of those questioned said they would prefer to receive financial gifts this year compared with 37% who want a surprise, and 23% who hope to get the specific items that they have asked for.

Fortunately, the spirit of Christmas just about lives on amongst those aged 35 and over.

More than half (51%) in this age group said they would still prefer to receive a surprise, with just under a third (31%) claiming they would be happier to receive money instead.

"It seems that rather than requesting treats and luxuries this Christmas, many younger adults are just hoping to improve their finances," said Sandra Quinn, spokesperson for the Payments Council.

"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."

If you receive cash in your Christmas stocking this year, then you really ought to make sure that you make the very most out of it.

Amongst some of our favourite savings accounts available at present are the Barnsley Online Saver account which pays 2.50% and Chelsea Building Society's e-saver Reward account which pays 2.60%.

Halifax Web Saver Extra paying 2.50% is also worth a look, as is Santander's e-Saver account which pays 2.75%.

Find the best savings rates for you - Compare savings accounts

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