According to an op-ed in The Epoch Times, parents are getting more and more concerned about their children’s financial literacy and that concern is compounded by the march towards a cashless society. Some experts say children learn best about making wise financial decisions when they have actual cash to work with rather than using digital money like a credit or debit card with tap-and-pay technology. Cashless payments can make it seem as if everything is free; all you need to do is tap a card and presto you get what you want.
Teaching children to be good financial stewards is part of good parenting. Christmas is a great time for some practical lessons in this area. Giving children a certain amount of cash to use over the holiday for presents, special treats, etc., and helping them wrestle with decisions is a good starting point. Even the rudiments of budgeting can be taught with this simple exercise.
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