Don't cash out Grandma's savings bond. Gifts passed on from one generation of family members to the next are worth more than their monetary value, according to a new study in the Journal of Consumer Research. Those gifts carry the symbolic value attributed to them by the family's traditions, lore, and heritage.
It's not just stuff or money when it comes from a special relative or has a meaningful story behind it, writes author Tonya Williams Bradford (University of Notre Dame). Assets that have "symbolic value serve to nurture family ties from the past into the future."