In our weekly series, readers can email in with a financial dilemma and enter the Money Moral Maze.
Are your friends racking up big drinks tabs and then trying to split the bill equally. Is your partner overspending on your joint account? No matter your dilemma, email in anonymously, and i’s money and business team will do our best to answer. This week’s dilemma can be found below – email us at money@inews.co.uk with yours.
The dilemma
My 16-year-old son is in the middle of his GCSEs. Back in January after an underwhelming performance in his mock exams, I gave him a financial promise to try and incentivise him to study a bit harder.
I promised £20 for each top grade he achieves. This will mean that overall, I could end up in my very worst – or best, depending on how you see it – scenario, owing him £200.
This seemed fine at the time, as these top level grades were a real stretching target, but it transpires that students often underperform in their mocks.
I’m now worried I may owe him rather a lot of money come results day, and am starting to reconsider. How bad would it be for me to do this?
Callum Mason, i’s Acting Deputy Money Editor, responds
This is a problem as old as time. To start with an anecdote, when I was young, one member of my family whose identity I will protect here was a notorious fussy eater, and my grandad – in an attempt to get him to diversify his culinary palette – sometimes offered him rewards if he tried new foods.
One weekend, probably in desperation, my grandad offered him £5 to eat an egg.
He then not only ate the egg, but continued to demand more and more eggs and also tried to negotiate that the pay continue at the same level.
He started with two eggs for £10, which I believe was accepted.
This was not the only time this sort of practice happened. The same family member once suddenly developed the ability to ride a bike after being offered a small financial reward for doing so, following months of struggles. He should have gone on to work in sales.
In a sense, I suppose you could say the incentive worked. Essentially, what I am saying is that, if you think your son is now going to ace his GCSEs in such a way that means you’re worrying a bit financially, then it sounds like a good outcome in some ways.
Sadly, a promise is a promise, and if you have agreed the rate of pay with your son, I think you will now have to honour it. If you don’t, then he’s unlikely to trust you if you want to use this incentive in the future.