Your 2024 Financial Gift Guide

Published on 28th November, 2024 at 09:13 am

These holidays, your gift to loved ones can go beyond just the season, but instead, make an impact for a lifetime. Whether you’re shopping for a child, teen, or adult, finance-savvy gifts can help build a solid foundation for living with financial confidence.

Reading time: 4 minutes

In this article, you will learn:

• How financial gifts empower people
• Financial gifting ideas for children, teens, and adults

Financial gifts for children

Getting children to be finance-savvy is easier than you think! Even the simplest toys and games can teach them valuable money lessons that will benefit them throughout their lives – and Farzana Botha, Senior Communications Manager at Sanlam Risk & Savings says it’s never too early to start. “While it does bring joy, gifts that improve financial literacy or pass on some type of life skill can help a child develop a useful skill that gives them an advantage as a young adult. Many South Africans struggle with a lack of financial literacy, and this type of gift can bring joy, fun and improve the status quo.”

Ideas to get you started

• Storybooks and subscriptions: Illustrated books that address the value of money and wise spending habits are a great way to impart knowledge subtly but effectively.
• Financial literacy games: Look out for board games (and later, apps to extend the experience) that simulate real-life financial decision-making, teaching children about basic financial concepts. It also offers a great opportunity to start talking about money in the home and normalising concepts like budgeting and saving.
• Piggy banks and money folders: Piggy banks are always a fun addition to the bedroom and can be tied to games, challenges, chores, and rewards. A money folder, on the other hand, allows your child to pick and manage what they’d like to save for.

Financial gifts for teens

For tech-savvy teens, digital financial products offer a unique gift that can serve as both a learning tool and a personal financial boost. Teens today are increasingly interested in trading, cryptocurrencies, and investments, making them far more open to these types of gifts than previous generations. Botha adds, “It is easy to set up and since kids these days are digital natives, they can get excited about the opportunity of tracking funds, trading stocks, watching bitcoin and NFT prices, and making money. Enabling them in this way aligns with the values of Gen Z’s and helps give them a foot up in terms of financial literacy and practical investment skills that are invaluable.”

Ideas to get you started:

• Tax-Free Savings Account (TFSA): This can be set up easily through platforms like Sanlam’s EasyEquities, this allows teens to start tracking their savings and learn about tax-free investing.
• Investment in an ETF or Unit Trust: ETFs and UTs provide a great entry point into investing, enabling teens to learn about diversified portfolios and financial markets. Who knows? Maybe they’ll make it big by the time they finish school!
• Digital budgeting tools: Many apps now provide interactive budgeting and spending tools that encourage teens to understand their spending habits and set financial goals. With gifting a cash contribution, you empower them to make their own decisions.

Financial gifts for adults

When it comes to gifting adults, think beyond material presents. Financial gifts can include contributions to investments, or even practical items that can alleviate daily expenses, such as grocery or petrol vouchers. These choices add tangible value to someone’s life while showing you care.

Ideas to get you started:

• ETF Contributions: For friends or family members with an interest in investing, a contribution to their ETF fund is both a practical and appreciated gift. Note though, that in most cases, as adults they would have to be a part of the process of setting these up – but it can be a fun exercise that also helps normalise money conversations between friends and family.
• Vouchers for essentials: Help offset daily expenses by gifting grocery or petrol vouchers, which can be especially useful for students or young entrepreneurs.
• Subscription to a skill-enhancing platform: Online courses are a gift that keeps on giving! While you can gift a course for a hobby, you can also add courses on topics like entrepreneurship, retirement planning, and more.