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Struggling with ideas of what to give for Christmas this year? Everyone agonizes over that perfect present, but an increasing trend is to simply give money as a Christmas gift. In the current economic climate no one will be upset at receiving a little extra cash, but is it what you really want under your tree on Christmas morning? According to a survey carried out by banking group First Direct, over $500 million is expected to be paid out in Christmas cash, with around 20% of the 1,200 people interviewed expecting money as a present. The average amount given works out at around 80 Euros, or £60.

Benefits of Giving Cash for Christmas

Giving cash as a present takes the hassle out of choosing a present for someone you find it hard to buy for, and stops you receiving gifts you don't want- like another awful woolly jumper. It is certainly a good option for elderly relatives who find it difficult to get out and about in the winter. Around 35% of people go into their overdraft during the festive season, and 24% dip into their savings, so any extra money will not be received ungraciously.

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