The Cost of Obligatory Giving

Last year more than six million Australians received something they didn’t use or gave away. The giving of silly Christmas presents dates back to the Three Wise Men’s bizarre idea that gold, myrrh and frankincense were appropriate gifts for a newborn. Unwanted gifts represent a $798 million waste of money, time and resources in Australia alone. “The growing culture of obligatory giving only brings joy to the big retailers and the big banks whose credit cards are largely funding the annual splurge.” “Around 1 million Australians are spending money they don’t have to buy presents they’d rather not give.”