Wasted cash: Australians sitting on $1.4 billion worth of unused gift cards

(Source: Bigstock)

Approximately $1.4 billion worth of gift cards are being left untouched by consumers nationwide, a survey by financial comparison site Finder has revealed.

One in three (35 per cent) of the 1039 respondents said they have at least one unused gift card, including 24 per cent who have two or more.

Nearly 18 per cent said the gift card expired before they could use it, while 5 per cent lost it. A further 1 per cent were unable to redeem the gift card because the company went out of business.

Baby boomers are the most diligent in spending gift cards, with only 13 per cent having left them untouched, compared to the 37 per cent of Gen Z.

“Letting gift cards go to waste is not only a missed opportunity to get value for yourself – you are effectively donating millions of dollars back to retailers,” said Sarah Megginson, personal finance expert at Finder.

Megginson urged Aussies not to waste their gift cards by setting a reminder each month that includes the expiration date.

“If you have a gift card for a store that you don’t like, consider selling it on an online marketplace for a slightly lesser value so it doesn’t go to waste,” she suggested.

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