Why parents should start teaching their kids about money at an early age

How did you learn about money when you were a kid? Maybe your parents handed you a few dollars to swing by the grocery store for milk. After getting through the checkout line and carefully counting out the change, perhaps you stuffed the rest back into your pocket and headed back home.

Today, teaching kids how to manage money is different. As technology around payments and money management has evolved, transactions are often no longer tangible. Cash is becoming less common and learning to become financially savvy is beginning to take a much different shape than in the past.

From cash to V-bucks and in-app purchases

This emergence of financial technology has increased convenience, but for families, it sometimes comes at a great cost.

Fortnite, Angry Birds, Candy Crush, My Little Pony — these popular games are all geared toward kids. Each offers in-app purchases that brings financial transactions straight into the hands of children.

Kids using smartphones or playing video games for entertainment have in certain instances been able to rack up thousands of dollars worth of in-app purchases without being fully aware of their actions. A simple Google search of “games for kids with in-app purchases” doesn’t bring up a list of games; it brings up how-to guides for parents to learn how to control or turn off the in-app purchasing capabilities, warning parents of how easy it can be for their child to accrue some serious debt on the platforms.

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