Save more, waste less? ING finds 75% of Aussies don’t use their Christmas gifts

Tom Watson

27 Nov 2018

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There’s little doubt about it, budgets are going to be tight in the lead up to Christmas 2018, with many Aussie families likely to rely upon dipping into their savings accounts or using a credit card to fund this years festivities.      

So could ‘less is more’ be the mantra to adopt this Christmas?

It just might be, especially given that new research from ING has revealed just how many Christmas presents end up going to waste each year.           

RELATED: Commonwealth Bank bumps up short term NetBank Saver rate

According to the ING research, a staggering $8.7 billion is spent over the festive season on Christmas presents and wrapping alone, with 75% of Aussies admitting that they don’t even end up using the gifts they receive.

The study also found that 54% of Aussies ended up being disappointed or annoyed at receiving a present they wouldn’t use.

“With food, presents and travel expenses to consider over the Christmas period, it’s hardly a surprise that many families may be looking towards December with budget strain rather than festive cheer on their minds,” said Mozo Director, Kirsty Lamont.

But instead of dipping too far into your savings account or racking up credit card debt on Christmas gifts that may just end up going to waste, it could be the perfect time to start looking at some creative ways to save instead.”

Four simple Christmas money savers

1. Set a one gift limit

Instead of forking out for a pile of presents that may not all be so well received, why not make a game of present giving this year by convincing your family to adopt secret santa or a white elephant gift exchange instead. That way everyone can receive a quality gift while having fun doing it!

2. Get creative with your wrapping game

ING’s research found that Australians spend a mind-boggling $512 million each Christmas on wrapping paper and throw out a massive $282 million, which is why Megumi Inouye, one of the world’s best gift wrappers and an ING Dreamstarter partner, maintained the importance of reusing wrapping materials. According to Inouye, cloth napkins, fabric scraps, recycled paper and even buttons can all be used and repurposed as wrapping material.

3. Give the gift of giving

According to ING’s research, 47% of Aussies would like to purchase more gifts that give back to society. So whether that’s through a charitable donation or an initiative like ING Dreamstarter’s Gifts that Give, a philanthropic gift could be the most rewarding present to give and receive this Christmas.

4. Make your own

Let’s be honest, nothing beats a gift from the heart. From Christmas hampers you put together yourself to foods like jams and sweets you’ve cooked or even homemade jewellery, chances are a homemade gift won’t only be good for your bank balance, it will be seriously appreciated by whoever’s receiving it.

Need a better place to park the money you expect to save this Christmas? Check out some of the great savings account offers below or head over to the Mozo savings account hub for even more deals.

Savings account offers 2018

Rates updated daily. Advertiser disclosure.

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    0.10% p.a.(for $0 and over)

    1.20% p.a. (for $0 to $250,000)

    Yes up to $250,000

    *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

  • Promoted

    HSBC

    HSBC

    Serious Saver

    0.15% p.a.(for $0 and over)

    0.30% p.a. (for $0 to $1,000,000)

    Yes up to $250,000

    *No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

  • Promoted

    Bankwest

    Bankwest

    Hero Saver

    0.01% p.a.(for $0 to $5,000,000)

    0.80% p.a. (for $0 to $250,001)

    Yes up to $250,000

    *Minimum deposit of $200 and no withdrawals in the month.

  • Promoted

    HSBC

    HSBC

    Flexi Saver

    0.05% p.a.(for $0 to $5,000,000)

    0.25% p.a. (for $0 to $5,000,000)

    Yes up to $250,000

    *Increase balance by at least $300 in the month (excluding interest)

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    0.05% p.a.(for $1 and over)

    1.05% p.a. (for $1 to $250,000)

    Yes up to $250,000

    *Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

^See information about the Mozo Experts Choice Savings accounts Awards