The best grad gift is money -- and lots of it
A new survey finds that consumers consider $165 an appropriate gift for a high school graduate. How about a college grad?
This post comes from Krystal Steinmetz at partner site Money Talks News.
Stumped on what to give the 2014 graduate after they collect their hard-earned diploma?
A new survey from Retail Me Not found that half of consumers think money is the best way to congratulate a new graduate.
But how much money is adequate? That depends on the graduate’s level of schooling.
According to the survey:
- High school grad. Most people think $165 is a good gift.
- College graduates. Earn a college degree and you could collect a bigger monetary gift. On average, consumers consider $464 an appropriate gift amount for a college grad.
- Graduate school grads. You could potentially receive the biggest gift if you graduate from grad school. Most people think $772 is an adequate gift for a grad school graduate.
Am I really cheap, or do those monetary gifts seem steep? I didn't expect, nor did I receive, anything close to those amounts when I graduated from high school or college. Sure, that was a decade ago (OK, a decade plus a few more years), but I can't imagine giving that kind of money as a grad gift.
Retail Me Not said one in five people graduate from college with some debt. The average debt is $22,988. But about 23 percent of people owe $30,000 or more. So money seems to be a practical, and much-needed, gift for a new graduate.
The survey also indicates that graduates wish they would have received more advice about the realities of adult life, including: saving money, avoiding spending beyond their means, being wary of credit cards, finding a job quickly and investing. After all, they're facing a brutal job market.
How much would you spend on a graduation gift? Share your thoughts below.
More from Money Talks News
My grandson graduates High School in a couple of weeks. I bought him a new laptop. He will need one for college.
I just graduated college with my BSN and I have not received any form of gifts from my family. Not even a card. For high school graduation my parents had a gathering for me at our house. I received a small amount of money, but the thing I will remember for the rest of my life was my graduation party with my family and friends. Memories are priceless.
I do not agree with the Retail Me Not survey at all! Graduates should not gauge their success on the money or gifts they receive, but on the accomplishments they have achieved from all their hard work.
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