New Gift Giving Survey Data Released Ahead of the NFEC Give Savings Campaign to Help People Find an Alternative to Holiday Debt
LAS VEGAS, Dec. 10, 2020 /PRNewswire/ -- The National Financial Educators Council (NFEC)'s Give Savings Campaign encourages people to change their holiday spending traditions in ways that move them toward greater financial health. Give Savings helps individuals, along with their families and loved ones, work toward greater financial security and provide options for gift-giving that can contribute to that goal.
A recent NFEC survey demonstrates people prefer alternatives to traditional gift giving. Across America 1,100 respondents were asked, "What gift would you most like to receive this holiday season?" About 46% responded "No gifts", 30% responded they want money to cover needs-based purchases, to pay down debt or save for retirement, and 24% want a traditional gift or money for a want-based purchase.
See full survey data: https://www.financialeducatorscouncil.org/holiday-gift-giving-survey/
The Give Savings campaign helps those open to alternative gifting this holiday season. It is designed for both adults and kids to participate:
- Adults can make a gift-giving pact with several options that can help them better manage their money. These options include no gift exchange, card exchange, gift pact that limits the cost of gifts, or gifts to cover daily needs (like a grocery store gift card). A gift pact letter is provided complimentary to help start the conversation.
- Kids can ask family members to substitute money for gifts, with some funds to be put toward long-term savings and some set aside for fun purchases. A holiday wish list is included in this campaign to let loved ones know how any money they give will be used.
Gift pact ideas, tips on how to communicate with loved ones and give savings letters for children can be downloaded complimentary at: https://www.financialeducatorscouncil.org/give-savings/
"If your friends and loved ones are like the average person," says Vince Shorb, CEO of the NFEC, "Many are struggling with debt, are behind on their retirement savings, and are feeling financial stress. Show loved ones you care about their immediate needs and long-term futures by giving the gift of savings this holiday season. Give Savings."
On average, people tend to overspend during the holiday season: a Coinstar survey found that 77% of those surveyed expected to exceed their holiday spending budgets, and only 37% had a plan to implement a post-holiday budget to recover from overspending. A Consumer Affairs survey states, "Many households are adding to existing high-interest credit card debt, with around 57% of respondents saying they expected to go into holiday debt" (https://www.consumeraffairs.com/news/survey-suggests-consumers-are-overspending-for-the-holidays-121417.html). The Give Savings campaign was developed to help them avoid the need to start aggressive money management measures, enter debt coaching programs and avoid lingering debt that can impact their finances for years to come.
The Give Savings Campaign launched on "In the Black Friday" – a day when the NFEC urges people to evaluate their holiday spending with an eye toward staying "in the black" instead of putting their accounts "in the red." By encouraging people to reduce the money they spend on buying gifts, while helping loved ones put money away for the future, the Give Savings Campaign redirects the holiday focus onto the positive choice of saving for long-term financial goals.
The NFEC's goal with this campaign is to raise awareness about the potential problems with gift-giving and encourage people to contribute monetary gifts to loved ones' savings, rather than dealing with the hassle of shopping and crowds to overextend their budgets buying traditional gifts.
The National Financial Educators Council (NFEC) is a social enterprise organization that promotes financial wellness through financial literacy advocacy, personal finance programs, financial counseling certification courses and empowering community leaders around the world by giving them access to financial education resources.
Contact:
Trevor Stoll
7026203059
[email protected]
SOURCE National Financial Educators Council
Related Links
https://www.financialeducatorscouncil.org
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