| December 7, 2009

Facing debt problems, many want cash for the holidays

A recent survey shows that when it comes to what people want to find in their holiday stocking, cash is rather high on the list as consumers concentrate on budgeting and managing money.

The Western Union poll showed that respondents have cash on top of their list for holiday gifts, with 45 percent of people saying they wanted greenbacks this year in order to take care of daily expenses, such as food, gas or other bills.

Jorge Consuegra, senior vice president of U.S. product management for the company, said that 53 percent of the poll’s respondents said they knew someone who wanted cash for the holidays in order to help take care of some of their day-to-day costs.

“The best gifts are the ones most wanted and needed, and this year, that gift is cash,” Consuegra said.

The poll also showed that 69 percent of respondents planned on giving some form of cash this year, whether it is paper money, a check or a gift card.

Turning to cash is not only affecting the type of gift people want, but also how they plan on purchasing things. According to a recent poll from Reuters noted that during the first weekend of holiday shopping only 26 percent of consumers tapped into credit card debt to make purchases.

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