November 30, 2021

Forgotten Money: 51% of adults have one or more unused gift cards, new study shows

SAN FRANCISCO (KGO) — Once we get cash as a gift, we put it in our pockets or checking account. However get the identical quantity of cash by way of a gift card and there is a good likelihood it’s thrown in a drawer and forgotten. And even when the playing cards are remembered, they might nonetheless not be used.

Melissa Gialdini confirmed 7 On Your Facet her unused gift playing cards — there have been rather a lot of therm.

“I have 50 gift cards that just hang out,” she mentioned. “I have a special pouch that they even go in that stays in my glove box, because that way, I always have it, and I still never get it out or use the gift cards.”

Gialdini isn’t alone. A new study shows simply what number of of us get gift playing cards, however do not use them.

Senior business analyst for Bankrate.com, Ted Rossman says, “We found in our survey that 51% of US adults have at least one unused gift card or store credit or voucher, and the average amount is $116 a person, so this is real money.”

Rossman says it’s, partly, a notion drawback: “If we find 20 bucks in an old jacket pocket we’re excited about it and we put it to good use, I don’t think we always have the same feeling about gift cards and we probably should.”

Gift Card Girlfriend Shelley Hunter of GiftCards.com, says the issue generally begins with the gift card giver. “A gift card should be a gift, not a coupon. So if I am giving you a gift card to a really nice restaurant, then I need to make sure there’s enough money on that gift card for you to spend it at the restaurant,” she advises.

Gialdini’s mother gave her rather a lot of these playing cards. She makes positive they really feel and even seem like a gift. So 7 On Your Facet’s Michael Finney requested her, “Perhaps in the future, you should buy her physical gifts?”

“I thought this would be a better idea, but I’m thinking it’s not. I mean I even put the gift cards in a box I wrapped them,” Pattie Bowling says. “I mean I go to a lot of trouble to putting gifts under the tree, to make the gift cards feel like they’re bigger. Yes I’m thinking — yeah, no, not anymore.”
One last thought. The shops get more cash in the event you use the playing cards. Bankrate.com’s Rossman says complicated accounting guidelines typically do not let retailers put the cash on the books till the cardboard is used. And if it’s not used, the federal government typically takes a reduce.

Hunter and Rossman each say maintain the playing cards the place they’re helpful, subsequent to your pc or in your pockets subsequent to your bank cards, however maybe within the glovebox isn’t a good selection.

Check out more tales and movies by Michael Finney and seven On Your Facet.

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