While Mother’s Day and Father’s Day are times when children, significant others and extended family members give gifts to parents as a token of their appreciation, most gift recipients say that money could go to help their youngsters.
A new “Mother’s and Father’s Day Spending” report from The Currency, a personal finance website run by Empower Annuity Insurance Company of America, surveyed 1,000 U.S. adults and found that most parents prefer family time over monetary gifts.
Empower’s gifting survey asked parents if they agreed or disagreed with four statements about the two commercial holidays.
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Eighty percent of parents said they’d rather not get a gift, and they’d prefer to have gift money go toward their children’s savings.
One-fifth of parents (20%) said they would rather get a Mother’s Day or Father’s Day gift instead of having gift money go toward child savings or expenses, according to Empower’s findings.
Eight in 10 parents (81%) said they don’t want to receive a Mother’s Day or Father’s Day gift if their child or another gift-giver was in debt.
Nearly two in 10 parents (19%) said they still hope to get a gift even if their child or another gift-giver was in debt. Empower’s survey didn’t disclose whether respondents who sided with this statement were open to homemade or non-monetary gifts.
Seventy-nine percent of parents said they think buying a Mother’s Day or Father’s Day gift is an expression of love and affection while 21% of parents disagreed with the statement, according to Empower’s survey.
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Most American parents reportedly value family time over Mother’s Day and Father’s Day gifts.
Ninety-six percent of parents said they’d prefer quality time with family over a holiday gift. The remaining 4% said they disagreed and would prefer to get a gift instead of spending time with their family.
The “Mother’s and Father’s Day Spending” report also found that 95% of American parents celebrate Mother’s Day and Father’s Day in some capacity.
American parents generally believe spending a little over $100 is adequate for holiday gifts, according to Empower’s findings.
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According to the gifting survey, 69% of moms said $100 is enough for a Mother’s Day gift while 53% of dads said $100 is enough for a Father’s Day gift.
The National Retail Federation (NRF) – a Washington, D.C.-based retail trade association that includes large and small stores, chain restaurants e-commerce platforms and more – has found that American gift givers spend more than $100 on Mother’s Day and Father’s Day gifts on average.
An updated forecast from the NRF projects that Mother’s Day spending in the U.S. will reach $35.7 billion in 2023 with the average per person Mother’s Day gift being $274.02.
The NRF doesn’t have an updated projection for Father’s Day spending at the time of publication. However, last year, the trade organization projected that Father’s Day spending in the U.S. would reach $20 billion with the average per person Father’s Day gift being $171.79.
To view Empower’s full Mother’s and Father’s Day Spending report, visit: empower.com/the-currency/life/mothers-and-fathers-day-spending.
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