With holiday shopping underway, State Treasurer Randy McDaniel is encouraging Oklahoma parents and grandparents to consider giving a gift that children won’t outgrow a contribution to an Oklahoma 529 College Savings Plan account.

Consumers plan to spend 4 percent more on holiday gifts this season compared to previous years for an average of $1,047.83 per household, according to National Retail Federation’s Annual October Holiday Consumer Survey. While consumers are increasing their holiday budgets, 77 percent of consumers expect to return a portion of their holiday gifts in 2019, with nearly 20 percent planning to return more than half of their gifts, according to a survey conducted by Oracle Retail.

This year, Oklahoma families can give the gift that won’t be returned. McDaniel, board chair for OCSP, said the benefits of supporting a child’s future education through college savings will last for years to come. “There’s value in giving a thoughtful present to a child that provides entertainment and fuels their creativity,” McDaniel said. “Taking part of what families spend on gifts and instead contributing to an Oklahoma 529 Plan can make a big difference. It improves the likelihood of a child attending college and reduces future college debt.”

Manufacturers in the toy industry are struggling to keep the attention of children that quickly move from one toy to the next. According to a Global Toy News analyst, the average lifespan of a toy is only eight months before children start to lose interest.

McDaniel said OCSP contributions are a long-lasting gift that will help get young children excited about college early and also give Oklahoma taxpayers a state income tax deduction.

Parents, grandparents, relatives or friends who are U.S. citizens or permanent residents and at least 18 years old may open an OCSP account on behalf of a beneficiary, and the minimum initial contribution is only $100. Once an account is open, anyone can contribute, making an OCSP account a great gift idea for all family and friends.