I saw one of the Bollywood actors, Akshay Kumar in an interview with Anupam Kher saying appreciation of sportsman, social activists or anyone should be done monetarily and not by just giving certificates. He went on saying that every individual to achieve something spends money and needs money to work further upon his/her objective and hence, only certificate of appreciation is not enough. Especially, if it is youth whose parents has supported him/her to achieve success, in return, if youth gets prize money, his/her parents would be proud that their son/daughter has become money-earner - probably, the proudest feeling for parents.
I liked this idea.
I see giving awards has become a business in many cases, that will stop to a great extent if the norm of prize money is followed, people receiving awards will get money that they can use for further work that they are into.