I get EMA of £18 per week.
IMO it does help me, most important to me is it means I don't have to get a part time job. Having tried to do this in the past I realised how badly it effected my ability to perform well academically.
It also makes me think twice about skipping lessons, because if I skip one lesson (like I did this week), that's £18 out of the window, and it reminds me what I could do with all of that money, so I don't. The only problem is, I often skip lessons for good reasons (today I had to make last minute ammendments to coursework and the teacher wasn't allowed to authorise my absence, so I lost my money just for that).
I agree it needs to be made stricter, as it happens my college is the biggest giver of EMA in the country, and EVERYBODY gets the £50 bonus, people who have clearly not worked hard in the said term. It also doesn't punish people for bad punctuality, my punctuality is awful and I need a better incentive really.
The EMA has encouraged alot of people to do FE courses who wouldn't have before, but I wouldn't say they're dossers, just because they're doing it mainly for the money, by being in every lesson, and having incentives to work hard and do well, they will make progress, surely.