Americans can no longer purchase "Paper" Savings Bonds, a cherished practice for gifts for births, birthdays, graduations, etc. Many children have used these accumulated gifts for college or starting out in life.
This change has required a potential purchaser to buy the savings bond online, but an account must also be set up by the recipient. This makes the practice cumbersome, and one which is very often bypassed in favor of other gifts.
This new system reportedly will save the government $70 million over 5 years, but at what cost? Purchases of savings bonds will likely drop dramatically, as the ease of purchase, especially by seniors, will drop dramatically, leading to the practical demise of a cherished savings practice for so many young people and their families.
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