Fresh research reveals that most Britons value time spent with loved ones more than expensive gifts this Christmas, as the cost-of-living crisis reshapes many festive traditions.
The survey of 2,000 UK adults, commissioned by Money:Mindshift from Aegon, found:
- 57% of Brits say spending time with loved ones matters most at Christmas time, while only 9% prioritise gifts.
- The average total spend on Christmas gifts in the UK this year is £542, yet 72% disagree that expensive gifts are necessary to make Christmas joyful.
- Men (21%) are twice as likely as women (9%) to believe pricey gifts are necessary for a joyful Christmas.
- Londoners are split on the question of expensive gifts being necessary for a joyful Christmas (41% agreed, 47% disagreed), unlike the rest of the UK where a clear majority disagree (75%).
Other findings include a growing appetite for non-material gifts, with nearly a third of people (32%) saying they would choose to give the gift of time together, while others favour experiences (15%) or simple acts of kindness (15%).
Cost pressures are also reshaping tradition. 30% now prioritise spending time with loved ones over giving or receiving gifts, 29% seek a more stripped-back celebration, and 11% have embraced Secret Santa to keep costs down. Leading this shift are 18–27-year-old members of Gen. Z, who appear to be most affected by rising prices – only 14% say the cost-of-living hasn’t impacted what they look for at Christmas, compared to 27 % of all age groups.
Dr. Tom Mathar, Head of Money:Mindshift at Aegon, said:
'While financial stability matters, our research confirms what many of us already know – a long and happy life is about more than just money. Social connections, peace of mind, and quality time are just as vital.
'The festive season highlights this perfectly. Our survey found that over two-thirds of the British public disagree that expensive gifts are necessary for a joyful Christmas. Instead, more than half agree it's primarily about spending quality time with loved ones.
'The cost-of-living crisis is perhaps sharpening this focus on the non-material approach. A third of people would now gift "time together" if they could choose something non-physical. That’s an investment in relationships – and Christmas is the perfect time to make it.'
These findings feature in Aegon’s new Money:Mindshift podcast, where Dr. Tom Mathar and psychologist Jon Dunckley explore how purpose, social connection, and redefining success can shape a joyful festive season.
Methodology
Research collected from sample of 2,000 UK adults in a nationally representative survey, conducted by Opinium on behalf of Aegon UK. Full data sets available on request.
About Aegon
In the UK, Aegon offers pension and investment solutions to over 3.5 million customers, supported by over 3,000 employees. Figures are correct as of 31/12/2024. Learn more at aegon.co.uk/about-us
Aegon UK is part of the wider Aegon Group, an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Aegon’s portfolio of businesses includes fully-owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market-leading Dutch insurance and pensions company.
Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com/about
The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.