Holiday Gifting Trends Away from Tangible Items, Toward Education Savings Give the Gift of Education this Holiday Season with The Education Plan® 529
Published Date
As families prepare their holiday shopping lists, a growing number of parents are looking beyond traditional toys and gadgets in favor of gifts that can make a lasting difference. This holiday season, The Education Plan® is encouraging family members and loved ones to consider contributing to a child’s 529 education savings account—a meaningful way to invest in their future.
Unlike gifts that may be quickly outgrown or forgotten, contributions to a 529 plan can help build a foundation for future educational opportunities. Whether a child dreams of attending college, learning a skilled trade, or pursuing specialized professional training, an early investment in education can help make those goals more attainable. A 529 plan can also be used for certain K-12 expenses, including tuition.
Holiday gifting trends support this shift away from tangible gift-giving, with nearly two-thirds of parents surveyed saying they would prefer contributions to their children’s college savings funds over traditional holiday gifts from family members and loved ones, according to The College Investor. Gifting to a 529 is an easy process whether it is set up as a one-time gift or a recurring one, and those contributions can be eligible for state tax deductions for New Mexico taxpayers.
“Holiday giving is an opportunity to think beyond the moment and invest in the possibilities ahead,” said Natalie Cordova, executive director of the New Mexico Education Trust Board. “A contribution to a child’s education savings account can be a meaningful way to show you believe in them while helping them prepare for the future. You can help to make an impactful difference in the lives of the young people you care about this holiday season.”
The Education Plan®, New Mexico’s direct-sold 529 education savings plan, offers a tax-advantaged way to save for qualified education expenses. Funds can be used at eligible colleges and universities, trade and professional schools, and for qualifying K–12 expenses. Earnings grow tax-free, and withdrawals are tax-free when used for qualified expenses.
This holiday season, consider giving a gift that can grow alongside the child receiving it.
To learn more about The Education Plan®, explore qualified education expenses, or open an account, visit www.TheEducationPlan.com.
