The tough question is does your extended family get graduation gifts, or your best friend's son or daughter?
Graduation Day is either already here or around the corner for high school and college students, and that means it’s time to shop for graduation gifts.
But who do you shop for? Or, perhaps more importantly, who do you NOT shop for?
Spectrem’s Millionaire Corner asked affluent investors who they think it is important to get graduation gifts for. While immediate family was almost universally understood to be a necessary purchase, outside of that, opinions vary.
The “immediate family” matter isn’t 100 percent, by the way. While 3 percent said they do not feel it is necessary to buy anyone a graduation gift, only 91 percent said it was important to give a gift to immediate family members graduating.
So, if you had a choice between giving a gift to a graduate from your extended family or to a graduate belonging to a close friend, which would you choose? According to the affluent investors surveyed by Millionaire Corner, the close friend’s family member wins out over cousins.
Fifty percent of investors said it was important to give a graduation gift to a son or daughter of a close friend, while only 41 percent say they would get a gift for an extended family member. That is especially true for corporate executives, of which 49 percent said they would reward the close friend’s offspring while only 34 percent said they would give a gift to an extended family member.
Age plays a factor in how graduation gifts are doled out. Ninety-eight percent of investors under the age of 40 say immediate family gets a gift (that is well above the 91 percent overall). Only 32 percent said extended family gets a gift, and that is well below the 41 percent overall. Close friends’ family members get a gift from 48 percent of that age group.
Twenty-three percent of all investors said a graduation gift is necessary to anyone who sends an invitation to a graduation party, but only 2 percent consider giving a graduation present to everyone they know.
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.