Is money an acceptable Christmas gift? Millennials say yes!

By Polly Fleeting ·

It’s the age-old saying: money doesn’t grow on trees. But could putting money under the tree this year be the perfect Christmas gift?

Well, according to a new study from fintech app Beem It, nearly half of Aussie millennials only want cold hard cash for Christmas, over regular presents or vouchers for experiences. 

From the 3,000 participants in the survey, when asked why they’d prefer money as a gift 60% said it was a way to avoid being let down by a gift they didn’t want or need, and gave them the freedom to use it however they please. 

In a recent survey done by ING, Australians reported receiving $400 million in unwanted gifts at Christmas time, some of which end up in landfill.

So whether you are looking to help the environment and reduce waste or need a simple gift for a relative, money could be the ideal option that’s likely to please its receiver. 

Cash in an envelope - is that too old school? 

Okay, so you may have to pack away your wrapping paper and ribbon this year, but are you willing to bid farewell to an envelope as well? 

The study from Beem It also found that, while the majority of millennials (48%) would still opt to receive physical cash on Christmas day, a large 45% chunk would actually prefer to receive the gift through an instant transfer app - it is the digital age after all. 

RELATED ARTICLE: Digital banking and neobanks 

Speaking of digital, traditional currency isn’t the only type of ‘money’ on Christmas wish lists this year. That’s right, let’s talk cryptocurrency. 

According to a study done by cryptocurrency exchange Independent Reserve,  1 in 5 Aussies between 18 and 44 are happy to receive Bitcoin as a Christmas gift this year. 

CEO Adrian Przelozny attributes the increasing popularity of Bitcoin in part to the fact that Aussies are becoming more investment savvy and he expects the number of people interested in it as a Christmas gift to grow even higher next year. 

“It’s no secret that coming up with the perfect Christmas present for your friends, family and loved one can be a stressful process,” he said.  

“It could be because they already have everything they need, or you simply don’t know what they like. I’d encourage Aussies not to gift something that will likely end up in landfill - we have enough of that already. Give them something unique and unexpected this year; the gift of Bitcoin.” 

Ways millennials plan to spend their Christmas cash 

With help from Beem It, here are the top ways millennials intend to spend the money they receive this Christmas. 

  • Keeping it aside: 37% plan to stash it away and spend it on what they want to down the line 
  • Treating themselves: 34% said they’d spend it shopping trips for clothes or beauty items 
  • Practical spends: 18% would put the money towards groceries or rent
  • Social events: 12% said they’d use the money for occasions, like dinner or drinks out with mates

RELATED ARTICLE: UBank x Basiq: Fintech partnership allows customers to review spending in time for Christmas

Want to find out the different ways you could send Christmas money this year? Head to our fintech hub for all the info you need on digital banking.

Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.