(BPT) - Selecting the perfect gift can be a challenge, no matter who is on your list. However, when it comes to kids it can be particularly challenging to think of unique gift ideas year after year. With a record year of inflation, many are rethinking how they give gifts this holiday season and beyond.
According to a recent Fidelity Investments® gifting study, 42% of parents say they will spend less on their children's gifts this holiday season due to inflation and the current economic climate. While parents claim they'll be spending less this year, they still anticipate each child receiving an average of $996 worth of gifts collectively from themselves, family and friends.
The study breaks down gifting trends from over 1,000 parents across the U.S., and when asking what gifts they think their kids will want this year the top three responses include toys & games, electronics and apparel. While 35% of parents say they'll be more likely to prioritize non-material gifts, here are three gift ideas that will never go out of style over the years:
Whether it's tickets to see their favorite musical artist or band, a day trip to a museum or amusement park, or even a promise to simply pick the next family outing — gifting an experience that allows the opportunity to continue creating memories with kids will never go out of style.
With college costs increasing each year, saving for college is top of mind for parents now more than ever. According to Fidelity's study, 84% of parents say they'd welcome contributions to their child's college savings account in lieu of traditional holiday gifts, and with all the benefits of a tax-advantaged account like a 529 college savings, providing a lasting and meaningful gift like a contribution to a college fund has never been easier.
3. A Donation
When asking about their money wishes for their children, 1 in 4 parents wish their children would embrace charitable giving and think about others before themselves. Another gift idea could be to make a donation to a charity on their behalf, asking them to pick a toy or two to donate before opening other gifts, or even donating time together as a family and volunteering at a local food pantry or soup kitchen.
Whether you have a young child, a high school senior getting ready to leave the nest, or a niece or nephew, these gifts ideas will be a hit for any child at any age. For more information on college gifting visit Fidelity.com/collegegift. For the full study results visit: https://bit.ly/3PgUEP9.