With Christmas just a few weeks away, as you start decorating your tree and hanging ornaments, you might be contemplating what to get your friends and family for the holidays. While wish lists can change frequently, one gift stands out this year: cash.

A new LendingTree survey reveals that 49% of people participating in gift-giving wish to receive cash as a gift this holiday season. This desire is particularly high among those with children under 18 (61%), Gen Zers (58%), and millennials (57%).

Additionally, 39% of respondents said they would trade their gifts for an equivalent cash value if possible. When asked what they would do with a cash gift, 27% said they would use the money to pay bills, while another 27% would treat themselves to something nice.

Moreover, 18% of participants indicated they would save the cash, 11% would buy something nice for someone else, 9% would use it to pay down debt, and 4% would invest it.

LendingTree conducted the survey online with QuestionPro, polling 2,049 consumers aged 18 to 78 from October 14 to 15, 2024.

Gift-Givers Think Christmas Is Worth the Cost

Among those giving gifts, 47% plan to spend between $100 and $499 on all their presents, while 23% intend to spend between $500 and $999.

About 42% of gift-givers expect to spend the most on their children, followed by significant others (19%), parents or guardians (9%), siblings (9%), and friends (8%).

Gift-Givers Admit to Going into Debt

Despite the rising cost of holiday gifts, 69% of Americans plan to participate in gift-giving this year, led by baby boomers aged 60 to 78 (77%), people with children 18 or older (77%), and individuals earning between $50,000 and $99,999 (75%).

Approximately 37% of gift-givers admitted feeling pressured to give gifts, particularly among Gen Zers aged 18 to 27 (59%). Family (15%) is the top source of pressure, compared to 10% who blame friends and another 13% who blame both.

Separately, 63% of Americans who’ve gone into debt for holiday gifts have regretted it, with Gen Xers aged 44 to 59 (71%) being the most affected. Some admitted to overspending to impress others, while 70% of gift-givers said they wouldn’t be comfortable knowing someone else went into debt to buy them a gift.

Some Plan to Skip Gift-Giving This Christmas

Across the board, 31% of Americans are opting out of gift-giving altogether this year, with Gen Zers (39%), those earning less than $30,000 (37%), and those without children (36%) being the most likely to do so. The reasons cited include cost (52%), mutual agreements among gift-givers (29%), and not celebrating holidays (22%).

Meanwhile, 55% of gift-givers plan to forgo or cut back on traditions like Secret Santa and Elf on the Shelf due to inflation.

Gift-Giving Causes Stress for Some Americans

For many, the holidays can be stressful, with 26% saying gift-giving causes them stress. Gen Zers (36%) and those with children under 18 (32%) lead these responses. In previous holiday seasons, 47% of respondents have gone into debt due to holiday spending, a figure that is even higher among those with children under 18 (62%), millennials aged 28 to 43 (55%), and Gen Zers (55%).

Conversely, 33% believe gift-giving has become more important to them over time, while 38% say its significance hasn’t changed.

In a separate study by Empower, 42% of people admitted to regifting to save money during the holidays.

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