When we were little and sent on errands, we would be so eager to get it done especially when it's for an elder who gifts money to us for being obedient. No matter how hard the errand may seem like, we didn't mind because we knew we'd get rewarded with money. It's funny how we worked unnecessarily so hard then just to get money for sweets and biscuits but I guess that was life for us then.
I can still remember a time I get a lot of gifts and money from family friends and neighbors because of how well I do in class, it was really motivating but I was fixed more on getting my studies right even without the monetary rewards I look forward to.
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That said, you could guess where my stand is with "Rewarding cash for academic excellence". It is okay if we can do this but I am totally against the scenario where we make the best student or students rely on that reward, studying with the reward in mind. This may foster brilliancy among students, create competition for the dull ones to catch up and even improve a school's performance.
Giving cash rewards may do all that but it could also make a once brilliant student loss interest in studying when he or she is very much aware that there are no more cash rewards. Only a few will continue being their best and that is if they didn't rely on the cash rewards they were getting before.
One thing about being a student especially in my part of the world, we need money to keep things running for our sanity to read and understand. You can't expect a student who is catering for himself when he isn't working or doing anything to earn money to be able to study well without much worries, it is definitely the opposite for him.
Having a school giving monetary rewards to such students would help those students to a good extent as they will get to improve their study ability and settle bills. In whatever one does, motivation to continue is needed except it is a hobby (something one finds joy in doing no matter how hard it may look to another), the same goes for studying.
I think it's good enough that we have medal awards and recognitions given to best students during school ceremonial days. But it won't be out of place if teachers in their own accord dare their students to try harder by gifting the best ones in their classes money or in kind prizes to excite them.
This actually builds up a good relationship between teacher and student, student and their fellow students and students and the school as everyone will be after excellence. One thing I believe is, there are always good and bad sides to many things. If we should weigh both sides, every school should know what works better for their students to become better in their studies.
