The 20 December is officially “panic day” as shoppers try to bag the perfect last-minute Christmas gift for loved ones.

As we try to make up for lost time with family from last year, we’re all looking for something extra special.

If you’re done with LOL dolls and Lego for the kids, and scented candles or gadgets for friends and family, then could a financial gift be the perfect alternative? And no, we don’t mean slipping a tenner into a Christmas card.

Here’s how to give the gift that keeps on giving.

Junior Isa (Jisa)

If you have children or grandchildren, giving them cash may seem impersonal, but if you still want to give them money, add it to their Jisa instead.

While only parents or legal guardians can open a Jisa for their child, anyone can pay into it.

Jisas are tax-efficient savings accounts for children, who can only access the money in them when they are 18.

Jisas were introduced in 2011 to encourage families to create a nest egg for their children that can then be used to pay for such things as university costs, buying a house or going travelling.

If they have a stocks and shares Jisa, you could even use that to buy a share in a company the child loves, such as Disney, Apple or McDonald’s, for example.

And if you’re still torn between this year’s top toy – the Lego Harry Potter Chamber of Secrets play set (£130) – just think, you could generate £3,467 if you invested that amount every Christmas until the child turns 18 (assuming a 4 per cent annual return), according to the investment firm AJ Bell.

Lifetime Isa (Lisa)

If your adult child is saving for a deposit towards their first house, you can help them get there faster by contributing to their Lisa, if they have one.

Lisas allow anyone aged 18-39 to save up to £4,000 every tax year and receive a 25% bonus from the government to help pay for a house deposit. So, £4,000 would give them a £1,000 bonus.

It’s a great way to give them a gift that will contribute to their future goal.

NS&I Premium Bonds

Premium Bonds are popular gifts that give holders the chance to win a million-pound jackpot every month.

You can buy Premium Bond gifts for a child under age 16, but check with their parents first as they will need to provide identity documents and look after the account.

Premium Bonds start from £25, but the more you hold, the more chance you have of hitting that jackpot. Premium Bond prizes can be anything between £25 and £1m, but there is no interest paid on the savings.

For the grown-ups

If you’re looking for a gift of lasting value, you could buy a loved one some gold.

I’m not talking about jewellery, but instead take a look at the Royal Mint Christmas gold collection, where you can buy a 1g bullion bar for £79.99 or even buy a 2021 gold sixpence for £475.

Gold and silver coins or bars are expected to grow in value over years, and can be sold to the Royal Mint or even collectors. According to the Royal Mint, 20 years ago a gold sovereign coin would have been worth about £43, but today it is worth about £347.

Whisky

If you think someone special in your life can resist drinking it, then rare whisky can be a valuable gift that is known to grow in value over time.

If you can get your hands on a limited edition bottle, such as the Johnnie Walker 200th anniversary edition (£195) or the gold label reserve blended scotch whisky (£49), then it could be a valuable investment.

The bottles can be sold at whisky auctions, but of course, there is no guarantee they’ll grow in value, so buy something they won’t mind drinking if they have to.

According to Rare Whisky 101, November and December 2020 were record-breaking months from a volume perspective, with both months seeing more than 16,000 bottles of single malt Scotch whisky sold at auction in the UK for the first time.

Give to charity

If a friend or family member really doesn’t want anything, then don’t just wrap a pair of socks and hope for the best. Instead, consider a charitable donation on their behalf.

The pandemic has seen a significant drop in donations, so this could be a meaningful gift.

Some charities, such as Unicef, let you send an e-card to say you have donated.

Avoid gift cards

These are easily forgotten about and often have expiry dates. If a retailer goes bust, then the gift card could become worthless.

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