Many Brits will have woken up on Christmas Day to unwrap gifts in the form of cash and gift cards, from relatives and friends. This is a welcome treat for most, who will enjoy knowing that monetary gifts such as these, can be used however they please. Whilst many use it straight away and treat themselves to something they’ve had their eyes on, others will put it straight into their wallet.
We’ve carried out some research to find out what happens to our Christmas cash. The results reveal that over half (54%) of Brits put the monetary gifts they receive at Christmas straight in to their wallet, meaning it is often spent on essential living costs, rather than to treat themselves.
The survey found that Brits are gifted an average of £300 in cash and gift cards at Christmas. This means the nation are spending around £242 of this money on living costs and essential purchases, such as bills and groceries.
We delved further into how the nation is spending their Christmas cash and found that for over a quarter (26%) of Brits, food was the number one purchase made with their Christmas money.
This is followed by payments on monthly outgoings like energy, water and phone bills, which was how 23% of Brits chose to spend theirs.
When asked to cite the main reason for spending their Christmas cash in this way, over using it themselves, 26% said it was due to unexpected costs that had arisen over the festive period.
What is even more surprising is that 1 in 10 people even admitted to using the money they received at Christmas to buy presents for other people!
So, how do we make sure that the person receiving the money we give them at Christmas spends it on a special present for themselves? 1 in 4 respondents admitted that they are more likely to use gift cards to buy things they really want instead of spending it on living costs and essential expenses.
How do you spend your Christmas cash? Let us know using the hashtag #ChristmasCash and the handle @One4allUK on Facebook and @One4allGiftUK on Twitter.