A recent study says that two-thirds of kids would be happier receiving money as Christmas presents instead of material things as they can spend it however they want.
A study commissioned by NatWest Rooster Money and carried out by OnePoll surveyed 1,000 children and their parents about the kind of gifts they would want to receive for Christmas.
Results showed that the top 3 on the children's Christmas list this year are clothes, money, and books. Further, 65 percent of kids would rather receive money, which includes digital currency or gift cards, as they can use them in their own ways and terms, Express reported.
The study also discovered that 32 percent of parents plan to give their children money as presents for the holiday, but only 49 percent of them opt to give out cash.
Forty percent choose to gift their kids with material gift cards or vouchers, while 22 percent will write them a check.
A more unconventional set of parents at 13 percent plan to give their gifts in the form of gaming currencies such as Robux or Minecoins, and 8 percent will deposit cryptocurrency into their children's e-wallets.
A shift in young people on how they handle money
"With the range of digital options out there, the use of cash in our day-to-day lives is dropping - and that means we need to continually evolve how we engage and manage money with our children. Digital forms of currency are taking on a crucial and growing role, with many parents saying these are not only easier to track, but can give kids more independence," CEO of NatWest Rooster Money, Will Carmichael, said.
Carmichael suggests that the best thing for parents to do is have an open conversation and engage early on with their children to help them grow into "healthy spenders, earners, and savers."
The study further showed that 37 percent of parents had used Christmas to teach their kids about money.
Iona Bain, a personal finance expert and spokeswoman for Natwest Rooster Money, also shared that they see "an intriguing shift" in how teens and adolescents engage with money and learn about it, especially with the "Gen Alpha," who are growing up with loads of new, digital finance tools from saving apps, spending cards to digital currencies.
Moreover, Bain declared that though cash is still the most popular with kids, demand for Robux and other gaming currencies is now higher than for gift cards.
She concluded that as children get older these days, they are shifting towards bank transfer as their preferred means of receiving money, a sign that they are financially confident.
Kids' Christmas Wishlist for 2022
Despite all the changes, upgrades, and digital options available these days, the study revealed that 40 percent of parents still prefer to give material gifts to their kids this coming Christmas.
Fifty-six percent still do so because they think that gifts children can tangibly hold in their hands can feel more special, while 29 percent believe that their kids value physical gifts more.
Twenty percent even stated that physical gifts provide their children with learning opportunities, and 47 percent feel that they are more personal.
Ultimately, the survey gathered the top 20 Christmas wishlists of kids for 2022.
- Clothing, shoes, or accessories
- Money (either as cash, cheque, bank transfer, etc.)
- Books
- A games console
- Toys
- Tech items (iPad, Fitbit, Apple watch, laptop, etc.)
- Arts and crafts equipment
- Smartphone
- Sleepwear
- Lego or other creative building toys
- Gaming currencies
- A gift card
- Cuddly toys
- Board or card games
- Make-up/beauty products
- Fitness/sporting equipment or kit
- Bicycle, scooter, or skateboard
- Costumes/dressing-up stuff
- Subscriptions (Spotify, Netflix, etc.)
- Baking toys/equipment
