With A-level and GCSE results just round the corner, parents will be preparing to pay out on average £610 in rewards if their children have done well in their exams, a new survey has revealed.
More than three-fifths (61%) of parents of 16- to 19-year-old children have pledged cash, holidays, clothes, driving lessons and even a car, while 16% have incentivised their kids with gifts worth almost £1,000, according to the research by Gocompare.com.
The value of the rewards offered by parents varied from region to region, with Londoners being the most generous with gifts worth £982. This compares with an average of £363 offered to children in the East Midlands.
Almost three-fifths of parents whose children had already received the desired exam results claimed that an incentive had encouraged their children to revise for exams and to achieve their grades.
When it came to honouring the deal, of those whose children had already received their results, 73% of parents provided the agree reward but 9% failed to deliver the reward even though their children had achieved the right results. A further 9% still gave their children their reward, even though they hadn't done well in their exams.
Claire Peate, customer insight manager at Gocompare.com, said: "Although most teenagers would agree that it's important to do well in their exams, when it comes to revision and exam preparation there's always something better to do. However, our research has found that adding an extra potential reward can encourage some to put a bit more effort into their exam preparations, and the good news for parents is that for the majority the incentive seems to pay off."
The 10 most popular exam incentives are:
- Cash, 51%
- New clothes, 25%
- A holiday, 22%
- Driving lessons, 21%
- A new smartphone, 16%
- A new laptop or desktop computer, 13%
- A car, 13%
- A new tablet computer, 10%
- A party, 8%
- A motorbike or moped, 6%