Iona Bain

Is cash a Christmas cop-out?57% said that the increase in inflation had impacted their Christmas giftingA third (32%) plan on giving their kids money this Christmas – with cash reigning king (49%)55% of kids prefer cash, though would happily accept bank transfers (25%) and gaming currencies such as Robux, V-Bucks, and MinecoinsChristmas will be costly this year, with inflation driving up prices across the board. Not only will our dinners and decorations be impacted, but more than half (57%) have said it has impacted their gift-giving plans.This comes as a third (32%) say they plan on giving their kids money this Christmas, with cash reigning king as 49% look to put notes and coins in cards for the big day, according to research by NatWest Rooster Money.Physical pounds and pennies are also preferred by kids (55%), though bank transfers (25%) and subscriptions (16%) are also viable options – more so than traditional cheques (13%) and gift cards (12%), which seem to be on the way out.Meanwhile, recognising money is ever-evolving, almost one in ten (8%) parents have said they will gift crypto, while 13% plan on giving their child specific gaming currency – with kids favouring Robux (13%) V-Bucks (10%) and Minecoins (5%). Which begs the question, if this trend continues do parents need to be educating themselves on how this works?While parents still prefer to give physical presents (40%) – choosing how they are personal (47%) and can feel more ‘special’ (56%) – cash in a card or money in a virtual wallet can be an important learning tool at a time where we all need to think about our personal finances.YoungMoney Blogger and personal finance expert, Iona Bain, recognises parents want to give their children key life skills around money, and now in 2022, this means embracing both physical and digital financial tools. Hosted on Acast. See acast.com/privacy for more information.