Quick Tip

Americans sitting on $23B worth of forgotten gift cards, according to Bankrate

Millennials are most likely group to have unused gift cards, study finds

ByJason Knowles and Ann Pistone WLS logo

Saturday, July 29, 2023

Americans sitting on $23B worth of forgotten gift cards, according to Bankrate

Don't let it go to waste! The average person has about $187 in unused gift cards at home.

Here's a quick tip for those who may have forgotten about any gift cards they've been saving.

Prices are rising and according to consumer experts at Bankrate said nearly half of U.S. adults have at least one unused gift card in their homes.

The average value of those gift cards is $187. That means $23 billion is being unused nationwide.

So, before you head to the store to make a big purchase check to see whether you have any unused gift cards you can use to save some cash.

Also check expiration dates. Because of the Federal Card act of 2009, most do not expire for five years.

More research details from Bankrate:

Millennials (ages 27-42) are the most likely group to have unused gift cards (52%). In comparison, 47% of Gen Zers (ages 18-26) have unused gift cards. Gen X (ages 43-58) came in at 45%, while baby boomers (ages 59-77) were the least likely at 43%.

Gen X has the highest average value of unused gift cards at $251 a person, followed by $198 for millennials, $168 for Gen Z and $145 for baby boomers.

Due to economic concerns like inflation and fear of a recession, 39% of U.S. adults have made more of an effort to use gift cards in the last year.

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