The holidays are fast approaching and people are scrambling to find appropriate gifts for their loved ones. Research suggests that people spend an average of $800 dollars on gifts during the holiday season. Unfortunately, that expenditure doesn’t necessarily translate into value for the recipient of the gift. It’s always the thought that counts when it comes to gift-giving but that doesn’t mean the gift can’t be useful.People always appreciate the value of gifts more than the costs involved, especially the millennials. That’s why giving millennials fiscal gifts is a great alternative to traditional holiday presents. This can encourage fiscal responsibility and also provide them with some long-term benefits. Here are some gift ideas for you to consider:

College Savings Account

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College fees can be a massive financial burden and most young adults are forced to struggle with debt related to their college education. College savings accounts are a great investment gifts for adults as well as children. This is a particular favorite of grandparents as it allows them to invest money into their grandchild’s education every year instead of buying gifts that provide no long-term benefits. This can help grandchildren graduate from college debt-free, which is possibly the greatest gift you can give to them. Parents can also open such a savings account for their children.Savings Accounts

Investments

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Young millennials hesitate to dabble in the finance market and make investments because they consider them too much of a risk. However, investments can be a great secondary source of income that can aid them down the line. Adults can help millennials understand the world of investment and become familiar with different stocks by providing them with good stocks. Not only does this provide excellent returns, but also encourages them to consider savings and investment more seriously early in their lives. The stocks you give them as gifts can also be a guideline for them to follow when they make their own investments.

Invest in Roth IRA

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Roth IRA is a retirement fund that allows investors to remove funds tax-free if certain conditions are met. Most people don’t start investing in Roth IRA until they’re into their late 20s or early 30s depending on their financial situation. Parents and grandparents can start investing in the Roth IRA fund early. This is a great gift option for people between the ages of 14 to 30. Parents and grandparents can first fund 100% of the Roth IRA and then gradually decrease the amount as the recipient starts earning their own money and starts to contribute towards the fund.Eventually, you can match the amount they pay and supply 50% of the funds and then reduce your contribution to 25% before cutting it entirely when the recipient is old and independent enough. Funding the Roth IRAs every year can be considered betterment gifts and help young millennials understand the value of saving money for the future.Investing for Retirement

Kiva Gift Cards

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This is a great way to teach young millennials about lending and financial obligations. The gift cards require an investment of $25 or more, recipients of this gift amount can loan the money to any entrepreneur around the world. The money is eventually paid back and the gift recipients have the option of keeping the money or lending it again. This helps the young investors learn generosity and makes them feel good about supporting others. It also helps them understand how loans work so they know what to look out for in the future if they require financial assistance. Such gifts for finance serve a dual purpose and can easily be a learning tool for young millennials, especially individuals in their teens.Kiva Gift Cards

Classes and Coaches

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Many young adults fall into debt because they don’t have good financial literacy and don’t know how to save money. You can gift them a session with financial coaches or pay for classes. This will help millennials learn financially responsible behavior and understand what they need to do in order to save money, invest wisely, and meet their financial obligations in a timely manner. Developing these good habits early can help them in the long run and ensure they remain in good financial health. Most millennials hesitate to invest in such classes so they can be an ideal holiday gift for them.Online Courses

Gift Certificate of Deposit

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The gift certificate of deposit is a good gift option for children and millennials under the age of 18. This is a term deposit that earns more interest than regular savings accounts and is a great way to save money. The deposit terms can be one, three, six, 12, 17 or 36 months duration. The longer the deposit term, the higher the interest rate will be.How to Give a Gift of DepositMillennials often struggle to manage their finances and have to deal with several responsibilities. These gifts can help them with their finances and help them learn how to manage their finances as well.  Hope this helps in your journey!