The Best Grad Gift Is Money — and Lots of It
Stumped on what to give the 2014 graduate after they collect their hard-earned diploma?
A new survey from RetailMeNot 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.
If you’re looking to give a graduation gift without breaking the bank, check out our list of budget-friendly grad gifts.
RetailMeNot said 1 in 5 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 or on our Facebook page.
This article was originally published on MoneyTalksNews.com as 'The Best Grad Gift Is Money — and Lots of It'.
