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We are raising a generation who will be our future leaders, entrepreneurs, executives, managers, employees and future parents. This generation are growing up in a cashless society and we need to teach them to understand that money is not an illusion and that it has very real consequences if not managed correctly. As parents and educators our success will reduce the risk of setting them up for financial disaster later in life.
The 21st Century has seen the start of the cashless revolution and the currency of today is digital. Whether it is paying for a meal using SnapScan, Zapper or buying gifts online, South Africans are making huge strides when it comes to cashless transacting.
Rather than thinking money grows on trees, my four year old son thinks that it comes from a limitless supply from the plastic cards in my purse and the Zapper on my phone. Our children have a vague understanding of how we provide them with food, clothing, toys, games and data but a lot of children see their parents simply going to the shops, getting what they want and leaving.
There is no doubt that a cashless society is the way of the future, however to today’s children money is already a somewhat abstract concept. This financial abstraction changes how we deal with money in everyday life. As we are not handing over physical cash we tend to feel as if we are not spending as much money as we actually are. This could be a recipe for financial disaster if money is perceived as being limitless.
One of the reasons families enjoy playing Monopoly is that it teaches children how to count, how to handle cash, as well as the value of a Rand. The Ultimate Banking Edition version of Monopoly which was released in 2016 introduces the cashless version. Instead of paper money, players use cards that they tap onto a digital unit to conduct transactions. Even Monopoly has joined the cashless revolution!
We spend money on our children every day in the form of school fees, entertainment, extra mural activities, clothing etc. Why not give the children this money and let them spend it responsibly. Once the allocated money has been spent there will be no top ups from the invisible money tree, Mom’s purse or Dad’s wallet.
Are you thinking “no way, are you crazy” ?
If you could do this in a controlled environment without running the risk of the school fees being spent on the hottest games on Xbox, you will provide your family with the right tools to always be financially responsible.
The numbers provided by Statistics SA indicate that more than six million people, which is half of South Africa’s entire labour force, are unable to pay their debts. 6000 vehicles and 2000 homes are being repossessed each month, close to 100 000 homeowners are currently in arrears with their bond repayments and 25 000 people are in danger of losing their homes. Financial analysts are describing our current situation as nothing less than a “Debt Crisis”. On a daily basis many people find themselves in a position where they have no choice but to agree to go into debt review or sequestration or they are simply blacklisted.
Don’t allow your family to become a statistic. Sign up for Money.Life and we will give you and your children the tools to become smart planners, smart spenders and smart savers.
We have developed Money Life as an online web based application which allows parents to educate their children as to the value and the importance of money using their own money in a cashless society. The Money Life application allows parents to create budget categories and to set budget amounts with their children for each of the different categories.