British parents are turning to cash as a preferred gift option over toys for their children. A recent survey of 1,000 mums and dads with kids aged between five and 11 revealed that 60 percent would rather have their children receive cash as a birthday gift. This shift in preference is influenced by various factors, with over a third of parents favouring cash presents due to their homes being already filled with unused toys and 49 percent believing that cash allows their children to choose something they truly desire.
Despite the inclination towards cash gifts, some gift-givers are hesitant, with 20 percent worrying about being perceived as lazy and 48 percent concerned that giving cash might appear as a last-minute thought. Ross Borkett, banking director at Post Office, which commissioned the research, highlighted the issue of clutter saying, “The last thing parents want is more clutter.” Children often have rooms full of toys that have not been used, leading to a cycle of accumulating items that may end up in landfills.
The survey unveiled that cash gifts present an opportunity for parents to impart valuable financial lessons to their children. Seventy-five percent of parents view cash gifts as a chance to educate their children about the value of money, with financial education beginning as early as five years old for 69 percent of parents. On average, children receive about £55 per birthday, and while some may spend it all at once, three in 10 children wisely adopt a ‘spend some, save some’ approach.
The flexibility and educational aspects of cash gifts were underscored by Ross, stating that cash allows children to make choices, learn financial skills such as budgeting, and reduce the clutter of unused toys in their homes. The study also found that 64 percent of children feel ‘happy’ and 49 percent ‘excited’ when they receive money as a gift. Children like Betsy Shaw from Cardiff expressed excitement about receiving money for her birthday, enabling her to choose items she desires and saving for special purchases like a PlayStation game.
Etiquette expert Jo Bryant emphasized the evolving etiquette around gifting cash and advised on the thoughtful presentation of monetary gifts to ensure they are well-received. Personal touches such as handwritten notes in cards and encouraging children to write thank-you letters can enhance the gifting experience. The shift towards cash gifts reflects a growing preference among parents for practical and educational presents that align with their children’s interests and long-term development.
The trend towards cash gifts signifies a shift in gifting culture, prioritizing practicality, flexibility, and the promotion of financial literacy among children. With parents recognising the benefits of cash over traditional toys, the gifting landscape is evolving to reflect a more conscious and purposeful approach to celebrating special occasions for children in the UK.