MADISON, Wis. (12/4/14)--A Credit Union National Association editor offered Fox Business holiday financial gift ideas for a recent article.
Cash--especially money intended for saving--is a smart alternative to toys as a holiday gift for children, suggested Michelle Dosher, CUNA market research and consumer education managing editor. Parents or grandparents can give a piggy bank with money in it. Kids will still have a present to unwrap, and they can add money to it throughout the year. It's also a great way to teach young kids about saving.
For a more structured savings plan, parents or grandparents can set up or contribute to a college savings account, Dosher suggested.
"It's way more fun to give a toy, but for grandparents it's a good idea to give a smaller tangible gift and then make a contribution to a college savings account," Dosher told Fox Business. "It's worth so much more than a toy when the child turns 18."
For young adults who are graduating from college, Dosher suggested purchasing a couple of meetings with a financial adviser. Typically, these sessions offer good lessons in personal finance and investing. Another idea is helping a young adult start an emergency savings fund or to pay a month or two of their rent.