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5 Financial Gifts That Will Keep Growing Over Time

5 Financial Gifts That Will Keep Growing Over Time
Money.com
12/21/2020
© Wenting Li for Money
Gift-Money-that-Grow-2020
Tis the season for gift-giving, and procrastinators know it’s nearly impossible to get your hands on a Play Station 5 for the young people on your list. So we offer another idea, one they’ll appreciate for decades to come: financial gifts that will keep growing.
It might seem like a long shot to get your teenager thinking about retirement, or how to buy a first home, but giving the means to financially prepare for the future and taking the time to explain why it’s important could go a long way. ....

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Credit card debt gifts hurting long term savings retirement

Credit card debt being used for gifts, hurting retirement
People are tacking on nearly $2,000 to credit card balances pay for holiday presents, a survey found
December 16, 2020
5
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Holiday spending is down amid the pandemic, but people are taking on more credit card debt to buy gifts, and that could hurt long-term and retirement savings goals.
While credit card debt is up across the board, people who suffered job losses this year have disproportionately been covering expenses with credit, according to a report today from LendEDU.
On average, 51% of people who remain unemployed because of COVID-19 are taking on additional credit card debt to pay for holiday expenses, LendEDU reported. That compares with 48% of people who were laid off but have since found employment and 33% of all people surveyed. The report is based on a Dec. 1 survey of 1,000 U.S. adults conducted by research firm Pollfish. ....

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