Your children and virtual money – The Money Advice Service

I don’t know if you’ve
noticed, but the world has changed quite a lot in our lifetime. Digital gadgets; they’re
a real part of day-to-day life, now. A really good challenge is children taking
responsibility for the use they have of a mobile phone. That’s a really important lesson
for them; that they have something that they want, but that they’ve spent money on it. It’s putting those two things together; it’s
a really painful lesson in life, but it’s one that every adult is really familiar with. If using digital money is part of your family
life, don’t forget you’ve got to show them this bit as well. Female 1: I’ve recently downloaded a banking
app, which will also help Alex, because we are moving towards a cashless society, and
I think it’s important for him to understand that he will need to keep a regular check
on his finances, and this is a very quick and easy way of doing so. Female 2: Adam, like any other seven or eight-year
old, plays games on computers, tablets, consoles. He will pay for the games, so he will go to
his moneybox and take the money out, and I will talk to him, that Mum’s going to take
this money now, because the money has to leave my bank to pay for the game. We’re helping him to think about something
that he wants to save for, that just enhances that understanding. I’m a huge fan of consequences,
and I don’t think there are any better lessons in life that you can earn as a child than
understanding the consequences of having money. That way, they’re building a relationship
with money that’s going to stand them in good stead for the rest of their lives.

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