- Spending on student rewards is down year on year but is still double 2015 figures
- Money talks: Top incentive for exam-goers is cash and financial rewards
- Tech-gifts of laptops, phones and tablets amongst most popular reward items
- Welsh parents found to be the most generous during exam season
As students across the country swot up for exam season, proud parents are getting ready to put their hands in their pockets with 78 per cent saying they’ve promised a reward to encourage their children to achieve high grades.
Research released today by VoucherCodes.co.uk, shows that parents are gearing up to spend an average of £205 in gifts; a slight reduction on last year’s average of £239 but still nearly double the average amount (£104) gifted to children in 2015.
The poll of 2,000 parents nationwide found that the top incentive offered by parents is cold hard cash, with 55 per cent of parents planning on bribing their children with a financial reward. Over one third (35 per cent) of parents are planning to celebrate with a lavish meal out, while 14 per cent are set to treat their hard-working kids to a day out including trips to the seaside or a theme park. Meanwhile, a small but significant proportion of parents are willing to splash out on much bigger purchases; one in eleven are planning on gifting a laptop or a computer (9 per cent), five per cent will treat their kids to a holiday and two per cent will even contribute to the cost of a new car.
According to the VoucherCodes.co.uk research, for most parents, the value of rewards children can expect to receive differs dramatically according to their grades, with nearly two thirds of all UK parents (63 per cent) saying they incentivise their children with different amounts for each grade or for a bulk set of results (e.g. 5 A-C’s). A high-scoring student who achieves A-grades across the board could look to receive £300 for their hard work, whereas an all B student is likely cash in £200 and a C-grader could net roughly £180. However, the poll also found that some parents are happy to treat their kids regardless of the grades they achieve, with (37 per cent) of mums and dads saying they’ll reward their children irrespective of their results.
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|Top 10 popular rewards for good grades||Average amount spent|
|Financial reward (inc. cash, gift cards or vouchers)||£222.55|
|A nice meal out||£82.23|
|Money towards school prom||£124.09|
|A day out (to a theme park, the beach etc.)||£91.26|
|A laptop or a computer||£287.68|
|A new mobile phone||£228.17|
|A games console||£152.36|
|Money towards a new car||£481.96|
The most generous parents in the UK are from Wales, who are set to spend a whopping £626.26 on financial rewards – nearly three times more than the national average. This is followed by those in London who will fork out £210.20 to make their children feel special for their achievements.
|Top 5 spenders on financial rewards||Average amount spent|
However, the pressure is not just on children at exam time. With over half of all parents (51 per cent) revealing their children expect to be rewarded for getting good grades, one in ten (10 per cent) say they will borrow to treat their children this year, with 6 per cent planning to use a credit card specifically to pay for their children’s exam rewards.
Anita Naik, Consumer Editor at VoucherCodesco.uk says: “Exams undoubtedly place an enormous amount of pressure on children, so it’s interesting to see how many parents feel they need to offer extra encouragement to help their children achieve the grades they need.
“Not all parents can afford to spend lots of money when it comes to rewards so when you discuss money with your kids think about savvy ways to look generous and still save. Perhaps a day out for your child and a couple of friends when the time comes. Book somewhere where you can use a discount voucher – that way they get a special day to celebrate, without breaking the bank.”