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Aussies splurge nearly $20bn on gifts
Australians are big gift givers, with new research revealing we collectively spend $19.8 billion a year on presents.
Aussies splurge nearly $20bn on gifts
Australians are big gift givers, with new research revealing we collectively spend $19.8 billion a year on presents.
New research from the Financial Planning Association of Australia (FPA) has found that at an individual level, the average cost of gift giving rounds out at $1,200.
According to the results, women are more generous with giving gifts to partners than men are, spending, on average, $454 a year compared with $419 a year.
However, men are buying gifts more often than females in general, and spend $22 more on gifts per month.
Despite the financial burden, only one in four Australians reportedly budget for such provisions.
Only 24 per cent of men surveyed indicated that they budget for gift giving, while just under a third of women do (31 per cent).
Given such expenses, FPA CEO Dante De Gori advised Australians to better plan for gift giving to ensure they are not caught out by their generosity.
He commented that the cost of gifts is “literally billions of dollars of household spend that is simply not budgeted for”.
Mr De Gori said it brings about “an obvious opportunity to increase our nation’s financial literacy and awareness of the benefits of budgeting, financial planning and giving in a way that brings joy without debt or regret”.
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