A new survey by Lending Tree reveals that cash tops the Christmas wish lists this year, particularly among younger generations, as Americans face economic pressures during the holiday season.
The survey found that 49% of gift recipients would prefer cash presents, with the preference even stronger among younger age groups. Generation Z (58%) and millennials (57%) showed the highest interest in receiving money, while children under 18 had the strongest preference at 61%.
When asked about their plans for potential cash gifts, respondents were split on their intended use. Equal portions - 27% each - said they would either put the money toward paying bills or treat themselves to something they wanted. Only 18% planned to save the funds, while 11% would use it to purchase gifts for others. Smaller percentages would allocate the money to paying down debt (9%) or investing (4%).
The study also highlighted that 39% of gift recipients would choose to exchange their presents for their cash value if given the opportunity.
Economic challenges appear to be reshaping holiday traditions this year. Nearly one-third of Americans (31%) reported they won't be purchasing any gifts, with over half citing high costs as the reason. Traditional holiday activities are also taking a hit, as 55% of people surveyed said they're scaling back on customs like Secret Santa and Elf on the Shelf due to inflation.
The findings suggest a practical shift in gift-giving preferences, especially among younger Americans who appear to value financial flexibility over traditional presents during these economically challenging times.