Most investors will pay up to $500 for a college graduation gift.
A majority of wealthy investors spend less than $100 on high school graduation gifts while a similar percentage believe a college graduation gift should cost between $100 and $500.
A Spectrem’s Millionaire Corner survey of Affluent investors revealed that 57 percent believed a high school graduation gift should cost less than $100. Forty percent thought a gift between $100 and $500 was appropriate. A little more than 3 percent were willing to spend more than $500 on a high school graduation gift.
The wealthier the investor, the more likely they are to spend over $100 on the high school graduate. Almost 50 percent of investors with a net worth of $1 million or more said they would give a gift between $100 and $499.
Corporate executives and business owners are also more willing to spend a greater amount on high school graduation. Fifty-five percent of corporate executives and 51 percent of business owners said they would give a gift of between $100 and $499 to a high school graduate.
College graduation is seen as a bigger deal than high school graduation, at least as far as gift-giving is concerned. Almost 60 percent of investors with a net worth of $1 million or more were willing to give a college graduation gift of between $100 and $499.
Overall, 6.5 percent of investors said they would give a college graduation gift of between $500 and $999, and even 3 percent were willing to go above $1,000 in gift-giving. More than 13 percent of investors with a net worth of over $1 million would give a gift of more than $500, including 5 percent who were willing to go over $1,000.
Males were also more giving than females when it came to college graduation. Thirteen percent of males were willing to go over $500 for college graduation while only eight percent of women were willing to give that much.
Twenty-four percent of senior corporate executives give more than $500 as a gift for college graduation to a close family friend or relative.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.