Graduation Gifts: Cash for the Next Chapter
Graduation marks a significant milestone in one's life—a transition from one chapter to the next. According to a survey conducted by the National Retail Federation (NRF), about 33% of people have a graduation gift to send this year, with total spending expected to reach $5.8 billion in 2024.
But what is the gift to give this year? As graduates embark on the next stage of their life, cash gifts offer them the freedom to pursue their aspirations. Instead of traditional gifts that may gather dust on a shelf, many graduates prefer the versatility of cash. Additionally, NRF's annual survey conducted by Prosper Insights & Analytics found that 52% of people giving graduation gifts are planning to give cash or a form of cash as their gift.
But it's not just about the money; it's about the gesture. Cash gifts symbolize support, encouragement, and belief in the graduate's potential. As Diane Gottsman, a national etiquette expert in a PureWow article, emphasizes, "Cash is king! The graduate will put the money to good use and will not think it’s impersonal. It’s actually a thoughtful gesture and easy to send or carry." If you are looking for a way to send cash but in a more meaningful and convenient way , Memento is the perfect solution. Grads can easily deposit the cash from their phones without fear of it getting lost or stolen, and you can add a personalized video or text message that they can save forever with gathering dust.
Whether it's funding further education, kickstarting a career, or traveling the world, cash gifts empower graduates to pursue their dreams. While the amount may vary depending on cultural norms and personal relationships, the sentiment remains universal—celebrating achievement and looking towards the future. According to a National Retail Federation (NRF) survey, $116 is the average expected spending for a high school graduation gift. If you want to dig a bit more into how much to give your graduate, check out our 'Graduation gifts: how much do people actually give?' article, keeping in mind that the average spend has increased about 3.5% since the original article was published.
As we celebrate the accomplishments of graduates, let's give them what they actually want, in a way they will truly remember. Find out more on how to send a Memento for the special occasion on our graduation gifts page or how to set up a graduation registry for your party.