If we are going towards a truly cashless society, is there a preferred or better way to teach children about money, about allowances, earning money for chores, controlling their spending ?
“Despite talk of a cashless society, physical cash is still widely preferred for small purchases … but children may lose cash or parents may not have it on hand when it is time to pay.”
“The newest generation of ‘smart’ debit cards are managed by advanced mobile apps that give parents detailed control over how much the young people spend – with a few taps on the phone … in general, a parent establishes an account or ‘wallet’ linked the their traditional checking account … the child can spend only what is available on the card. Parents can set up regular transfers of cash as a weekly allowance or respond to requests for one-time cash approvals on short notice – if, say, a child is out with friends and needs more money.”
