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Younger Gens Prefer Cash Over Gifts: Survey
10 Dec
Summary
- Gen Z and millennials favor digital payments over physical gifts.
- Many gift givers and receivers find sending money impersonal.
- Convenience and choice drive preference for cash gifts.
A recent Wells Fargo survey indicates a growing generational divide in holiday gifting preferences, with younger adults expressing a strong preference for monetary gifts over traditional presents.
Forty-five percent of Gen Z and 42% of millennials surveyed indicated they would rather receive digital payments, such as Venmo or Zelle, compared to only 10% of Baby Boomers. This preference stems from a desire for autonomy in choosing what they truly need or want, a sentiment echoed by 65% of recipients who appreciate the freedom digital cash offers.
However, the shift towards digital gifting is met with reservations. More than half of gift givers perceive digital cash as impersonal, while nearly half of recipients feel awkward communicating their preference for money. Despite these social hurdles, the convenience of digital payments, eliminating the need for wrapping and shipping, appeals to many, with 65% agreeing on its ease.
