In this Nov. 22, 2016 photo, Gift of College gift cards are on diplay at Toys R Us in Emeryville, Calif. Gift of College helps people to contribute to college savings plans or pay down student loans, and are available at Toys R Us and Babies R Us. (AP Photo/Ben Margot)Instead of the latest toy or gadget, some people are trying to give their loved ones more financial security this holiday season.
While it’s long been possible to hand out cash, buy stock or contribute to college savings plans, financial institutions and retailers are making it easier to bestow a gift with lasting value.
Among them is Stockpile, a company that sells gift cards that can be redeemed for stock, which is rolling its products out to more than 14,000 stores this holiday season after seeing success at other retailers. College savings plan administrators, which see contributions peak at the holidays, have been adding new ways to donate. And Gift of College, which helps people contribute to college savings plans or pay down student loans, began selling gift cards at Toys R Us and Babies R Us nationally this month.
“It’s easy to do and you don’t have to worry about a toy breaking, you don’t have to worry about batteries and you don’t have to worry about the latest trend,” said Young Boozer, chairman of the College Savings Plans Network.
Financial gifts can be tricky, though – givers need to be aware of the tax and social implications.