More than two-thirds (71%) of respondents would rather receive the cash their employer spends per head than a Christmas party, according to research by MetLife UK.
Its research, which surveyed more than 2,000 UK adults, found that 59% of respondents are going to a Christmas party hosted by their employer this year.
The research also found that 65% of respondents aged between 18 and 24 would rather have the money than a Christmas do.
A third (33%) have to take holiday over the Christmas and New Year period because their organisation closes.
Tom Gaynor, employee benefits director at MetLife UK, said: “Christmas parties can be great for morale and rewarding staff for their hard work throughout the year, but it does seem as if most staff would rather just have the money.
“That is understandable with finances under pressure, but it should not mean organisations give up on rewarding staff with parties and other benefits that are not directly related to pay.
“In any case, bonuses or cash payments have to be taxed while employers can spend up to £150 a head on Christmas parties without [a tax charge]. Workers probably are better off enjoying the party.”
