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Author Topic: Should you give your kid a digital allowance?  (Read 627 times)

Chase

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Should you give your kid a digital allowance?
« on: April 19, 2016, 06:20:58 PM »

This is a good one! There's no need to read the whole article, it's just confirmation of what we already know. The fact that it is coming from the mainstream shows the evolution starting. :)


Should you give your kid a digital allowance?

Children as young as five are getting their own debit cards

Call them the “electronic wallet” generation, or the “swipe” kids, because no longer is the allowance debate about whether or not to pay their children to do chores. The conversation now surrounds getting children as young as five their own debit cards.

“It’s a personal decision,” says Shirley Malloy*, an associate vice-president at Toronto-Dominion Bank. “But there are definitely benefits for children or pre-teens to having their own debit card. First, it reflects our current reality around technology. It’s also a learning opportunity.” Malloy says parents can set a daily limit, so they take an active role in their children’s spending and saving habits, rather than just hand out cash once a week. “You can teach your child to be independent, to protect passwords, to think before they spend, and to pay themselves first.”

Proponents of the plastic allowance say a first debit card is a modern passage into adulthood. It allows parents to easily transfer allowances into their children’s accounts whenever they want; kids can access the money with the swipe of a card. They don’t view it as a passport to profligacy. Some parents simply find it safer than young kids carrying cash. In fact, the e-allowance route, as opposed to handing cash to kids, who will rarely keep receipts for what they purchase, has its advantages, they argue.

http://www.moneysense.ca/spend/should-you-give-your-kid-a-digital-allowance/

Manish

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Re: Should you give your kid a digital allowance?
« Reply #1 on: June 12, 2018, 05:46:51 AM »
Thank you so much for such a detailed answer! I truly appreciate your encouraging knowledge and work,Thank you one more time!


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