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Yes, you probably think giving someone a gift card is a really nice gift because then they can go out and buy anything they want. But surprise! Turns out most folks aren’t doing that. In fact, it sounds like most people aren’t using them at all.
A new CreditCards.com survey finds that 47% of Americans have at least one unused gift card in their wallet. And on average, Americans have $175 worth of unused gift cards, vouchers and store credits, $61 more than last year! All these unused gift cards amount to about $21 billion across the nation.
It certainly seems that gift cards are wasted on the young. Millennials are the most likely to have unused gift cards with $226 in unused credit! Older generations do seem to use them a little bit more. Only 43% of Gen X are holding on to unused gift cards, worth, on average $180.
I would say I am guilty of unused gift cards. I just wish my wife would stop giving me those gym gift cards.
Read more from USA Today HERE.