£330 Million in Unused Gift Cards Across UK Households
Popular high street retailers are urging households to search their drawers and email inboxes for gift cards that may be expiring soon. New analysis from Investing.co.uk reveals that shoppers at M&S and John Lewis alone are sitting on a combined £336 million in outstanding gift card and voucher balances.
As of March, M&S reported £234.8 million in gift card-related contract liabilities in its latest accounts, up from £215.1 million a year earlier. Meanwhile, John Lewis still had £101 million in outstanding liabilities tied to unused gift cards and vouchers, despite a slight decrease from previous figures.
Why You Should Check Now
Toby Robinson, chief executive of Investing.co.uk, said: "Many people are looking for ways to save money right now, but they could already have cash waiting to be spent in a drawer at home or hidden away in their email inbox."
Gift cards often expire or lose value over time, and retailers are encouraging consumers to redeem them before it's too late. The total value of unspent gift cards across the UK is estimated at over £330 million, representing a significant sum that could help households with everyday expenses.
Three Tips to Find and Use Gift Cards
Robinson offered three practical tips for checking if you have a valuable gift card sitting unused:
- Check the expiry date: Expiry rules vary by retailer, so do not assume you have plenty of time to spend the gift card. Some cards may expire within a year of purchase.
- Search your inbox: Digital gift cards often get buried in email folders. Try searching for terms like "gift card", "voucher", "M&S", "John Lewis", "birthday", "Christmas", or "wedding".
- Don't forget the odd few pounds: Small remaining balances, such as £4 or £7, are often wasted or left behind. But that money can still be put towards smaller items like socks or toiletries.
Impact on Household Budgets
With the cost of living continuing to pressure household finances, finding and using forgotten gift cards can provide a welcome boost. Even small amounts can help offset everyday purchases. Retailers benefit too, as redeemed cards drive footfall and sales. Consumers are advised to act promptly to avoid losing the value of their gift cards to expiry or inactivity fees.
