The Mobile Payments Revolution and Kids: A Financial Literacy Guide
As mobile payment technology starts to take hold, experts are predicting a historic change in how we pay for things. For younger children, payments and money could start to seem even more abstract that they may imagine it today in a world with ATMs. Even for older kids, paying for something with the wave of a phone could seem more like a video game than a budgeting decision.
We’ve all heard our fair share of digital payment horror stories on the news about kids buying things online with their parents credit cards, and it could start to become even easier with mobile phones.
Although the concern about what they spend on your dime is a real one, the biggest worry is that children will fail to understand the link between work, spending, and credit, which could burden their adult lives with overspending and debt.