Graduation gifts: how much do people actually give?
You’re not alone, it turns out a lot of people wonder what is an appropriate graduation gift. We researched and found that a lot of factors play a role in how someone goes about making the decision of what or how much to give for this momentous occasion.
Type of Graduation: People give gifts for every form of graduation from pre-k, middle school, nursing school, police academy, med school, high school, masters, PhD and more.
Relationship with the Graduate: How well you know the person and how much you have been part of their experience also plays a role - niece, brother, son, mother, cousin, coworker, spouse and more.
Personality Type: Who you are as an individual and your view on gift giving will also make an impact on the decision making process. Priorities can include creative, last-minute, practical, sentimental, funny, meaningful, easy, thoughtful gifts, or often a combination.
With all of these factors in mind, we decided to focus on the one gift we know every graduate wants, cash. As of 2019, the average outstanding student loan debt is an estimated $32,731. For nurses, according to the College Scorecard data, that amount is closer to $47,321. For doctors, med school loans skyrocket to an average of $232,300. Plus, sometimes it’s just fun to be able to buy what you actually want.
This still leaves us wondering, what is an appropriate amount to give? In our research, we found that a lot of the previously mentioned factors play a role in this answer, including type of graduation and relationship to the graduate.
Young Student(s): If you want to celebrate a middle school or even a kindergarten graduation, anywhere from $5-$25 is sufficient. It acknowledges their accomplishment and can help teach the value of money.
High School Student(s): The majority of individuals will give cash as a high school graduation present with a range from $20 -$150. Use the following breakdown as a guide for your gift amount.
Close friend or sibling: $20-$50
Niece, nephew, grandkid: $50-$100
Son or daughter: $100-$200
College Student(s): With only 35% of the US population completing a 4-year university degree, it is a big deal and something worth celebrating. We’ve compiled the following breakdown of recommend gift amounts based on your relationship:
Co-worker: $20 - $30
Close friend or sibling: $25-$75
Niece, Nephew, Grandkid: : $50- $100
Son or Daughter: $100- $500
In 2020, according to the Nation Retail Federation, consumers spent an average of $112 on graduation gifts. The average graduation gift total sent via Memento was $81. These are general guidelines, you should also consider your personal financial situation. At the end of the day, it’s the thought that counts.
If you are looking for a thoughtful and a fun new way to send money with a personal touch, download Memento today. 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. It’s easy to create a personal video message and tack on a cash gift for the recent graduate.