This time of year sees Australians collectively spend around $79 billion, with many presents ending up in the bin.

The gifts you buy can see a significant hit to your nest egg, so be sure to spend wisely this Christmas.

Transcript

Did you know that gift-giving at Christmastime costs Australians around $79 billion each year?

Hi, it's Grace from Nest Egg. With the holidays fast approaching, how much do you expect to spend? According to an ING survey, the cost of the average present given in Australia is about $54. And on average, each of us buys gifts for five and a half people. But we're not very good at appreciating what we do receive. An estimated 10 million unwanted gifts were given last year alone, with many of those ending up in the bin.

So what's at the top of Australia's do-not-buy list this year? More than 50% of us don't want novelty items. Candles and pamper products also seem to be a no-no. And who's guilty of giving their loved ones pyjamas, slippers, socks or underwear? If you do plan on buying any of the above, maybe check with the receiver first.

We've got plenty of information available at Nest Egg to help you save time, money and stress this Christmas. And as always, be sure to stay up to date with us on socials. Happy gift giving!