An important issue in the field of clinical and developmental psychopathology is whether cognitive control processes, such as response inhibition, can be specifically enhanced by motivation. To determine whether non-social (i.e. monetary) and social (i.e. positive facial expressions) rewards are able to differentially improve response inhibition accuracy in typically developing children and adolescents, an 'incentive' go/no-go task was applied with reward contingencies for successful inhibition. In addition, the impact of children's personality traits (such as reward seeking and empathy) on monetary and social reward responsiveness was assessed in 65 boys, ages 8 to 12 years. All subjects were tested twice: At baseline, inhibitory control was assessed without reward, and then subjects were pseudorandomly assigned to one of four experimental conditions, including (1) social reward only, (2) monetary reward only, (3) mixed social and monetary reward, or (4) a retest condition without reward. Both social and non-social reward significantly improved task performance, although larger effects were observed for monetary reward. The higher the children scored on reward seeking scales, the larger was their improvement in response inhibition, but only if monetary reward was used. In addition, there was a tendency for an association between empathic skills and benefits from social reward. These data suggest that social incentives do not have an equally strong reinforcing value as compared to financial incentives. However, different personality traits seem to determine to what extent a child profits from different types of reward. Clinical implications regarding probable hyposensitivity to social reward in subjects with autism and dysregulated reward-seeking behaviour in children with attention-deficit/hyperactivity disorder (ADHD) are discussed.