Debit cards make money invisible to kids

Tuesday 30 June 2009

Article by Mozo

As credit cards and debit cards become more popular, money is becoming "invisible" to many children, one personal finance expert has explained.

Speaking to Adelaide Now, Kids Money founder Greg Smith explained that many children fail to appreciate the value of money because they come into contact with it less frequently as their parents make the switch to debit cards and credit cards.

He added that it is becoming far more difficult to teach children about the value of money in the cashless world of supermarkets and Eftpos.

"Use regular shopping trips as opportunities to demonstrate the value of money to your children. Allow your children some autonomy to make spending decisions, so they learn from their spending choices," he advised.

Meanwhile, kidspot.com.au has urged parents to show their children what different coins look like and allow them to play with a collection of coins and notes to learn their relative values.

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