amazon facebook_32 gplus_32 linkedin_32 pinterest_32 tumblr_32 twitter_32 website_32 youtube_32 email_32 rss_32

MySocialGoodNews is dedicated to sharing news about
social entrepreneurship, impact investing, philanthropy
and corporate social responsibility.

Crowdfunding for Social Good

Devin D. Thorpe

Devin Thorpe

Does Your Child Understand The Value Of Money? Or Has Contactless Killed It?

An increasingly ‘cashless society’ is damaging how children and young people think about spending, research has warned – with children less likely to understand the value of money.

The survey found that:

  • 1 in 4 of children have used their parents’ bank cards
  • 1 in 5 children know their parents’ pin numbers
  • 1 in 3 parents are worried that their children think money is “instantly available”

Dr Arinola Araba, director of Be Moneywize, has now created a game to combat the problem.

She said it aims to teach children that goods are obtained through an exchange, and that money is not endless.

I think that it makes kids think that money is somewhere in the clouds, and they don’t have any idea of how it got there into the bank.

Sometimes, when you ask them: ‘Where do you get money from?’ they say: ‘We just got to the bank and put the card in’.

– DR ARINOLA ARABA, BE MONEYWIZE

Meanwhile, 11-year-old Tami Oyelakin has attended an awareness workshop to teach her about the value of money.

“I use my mum’s card, I know the PIN, I think you just use it and don’t think it comes from anywhere,” she said.

“But I found out later on that it comes from somewhere, and it’s the money that your parents have earned.”

Dr Araba has now called for more education for children to grasp the concept of where money comes from, and what it means.

“We need more education, we need that coordination, we need that consciousness that we’re exchanging something for something,” she said.

“One of the players of this game said to his mum: ‘I want my money back’, after paying for something. But after playing the game he realised there was an exchange taking place, and we need more of that.”

Last updated Fri 16 Feb 2018

This article was originally published here.


Never miss another article! Join Devin here: http://bit.ly/joindevin.

Don't miss any Good News!
Subscribe to news from MySocialGoodNews.com!
* = required field
Content I want:



Find Us On

amazon facebook_32 gplus_32 linkedin_32 pinterest_32 tumblr_32 twitter_32 website_32 youtube_32 email_32 rss_32