Americans Reconsider Valentine's Day Approach Due To Economic Downturn
Concern about the economy is causing many Americans to reconsider their approach to Valentine's Day. A new survey commissioned by the nonprofit LIFE Foundation reveals that seven in ten (70%) would forego celebrating Valentine's Day this year in exchange for greater financial peace of mind(1). Of those Americans who typically buy Valentine's Day gifts, the current state of the economy will influence gift-giving strategies in a variety of ways. Thirty-nine percent (39%) say they will consider less expensive gifts, 36 percent will focus on more thoughtful gifts, and 20 percent will consider not even giving a gift this year.
To coincide with the release of its survey results, the LIFE Foundation today kicked off a new national public awareness campaign, "Insure Your Love," to encourage Americans to consider a different way of expressing their love this Valentine's Day.
"The main reason to buy life insurance is because you love people and want to protect them financially, so Valentine's Day is an ideal time to consider a life insurance purchase," said Marvin H. Feldman, CLU, ChFC, RFC, president and CEO of the LIFE Foundation. "Life insurance helps guarantee that your loved ones will be provided for, even after you're gone. What a wonderful way to say 'I love you' to the most important people in your life."
A Shift Towards Practical and Lasting Gifts This Valentine's Day
In an ordinary year, the thought of giving something practical to your significant other for Valentine's Day may not have crossed the minds of many people looking to make a lasting impression. But there is nothing ordinary about today's economic climate. That might explain why 41 percent of women (and 48 percent of men) say this Valentine's Day they would prefer a practical or useful gift such as money towards bills, gas or other financial needs, as opposed to more traditional gifts such as flowers, chocolates or dinner out.
In addition, according to the LIFE survey, 42 percent of Americans who received a Valentine's Day gift last year didn't think their present was memorable and nearly half (48%) lamented that it lasted only a month or less. Perhaps with this in mind, 31 percent of Valentine's Day gift-givers said they will consider gifts that can be enjoyed for a longer period of time than those they gave last year.
"It's clear that given today's economy, Americans are adopting a new gift-giving mentality this Valentine's Day, focusing more on meaningful gifts that fulfill 'needs' as opposed to 'wants,'" said Feldman. "If you think about it, life insurance is one of the most enduring gifts you can give since it will provide financial protection for the ones you love for many years, long after the flowers have wilted and the chocolates have been eaten."
Selfless Love Contest
An act of "selfless love" is one in which you do something for someone else without expecting anything in return, like owning a life insurance policy. Most people will never see or experience the death benefits of a life insurance purchase. But the proceeds of a policy could benefit a person's loved ones for many years after he or she is gone.