As the mom of 3 elementary-aged girls, I can confirm that wristband collecting is hot.
Someone at school sent a rainbow-colored wristband to each faculty member...it supports all kinds of cancer patients (seems like every faculty member has had a close relative with cancer this year). They're really pretty, with one color fading into another, but my middle school-aged son cried, "Noooo, mom, you can't wear that! People will think you're gay!" (Middle school age, go figure)
Regardless, I'll wear mine for awhile and then pass it onto the little collectors.