Save more, waste less? ING finds 75% of Aussies don’t use their Christmas gifts
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 - last updated 19 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
4.40% p.a.(for $0 to $250,001)
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Savings Account
4.75% p.a.(for $0 to $1,000,000)
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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High Interest Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
- Access
- Internet banking
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- standard interest rate
- 0% p.a.(for $0 and over)
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Other restrictions
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Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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