As a child grows and enters into his/her teen years, they expect to be given some cash for their daily expenditure. This expenditure increases with time, from spending at the gaming zone to buying their favourite dress. Every parent must understand that giving money to kids is not wrong. However, it comes with its cons. Money, hard cash, is a threat in a lot of ways. Not just kids, but we, as adults too, face issues with cash at money.
Here are four things parents hate about giving cash to kids –
Losing the money: Kids are always on their feet and playful. They are generally busy playing with their friends or swinging on their favourite swing. A mere 13 or 14-year-old is most likely to lose the cash given by his/her parents. It can either be while paying or just forgetting it on a table. And money is hard-earned, so when it is lost, it sure does hurt. It ends up making both your child and you upset, which is why digital money is a more reliable method for payments.
Theft and Conflict: If someone knows that your child is carrying cash, little or a lot, it can invite theft. People can go on and about stealing your child’s money. This makes the child distressed and makes their trust in the people around them tremble. Anybody can fall prey to pickpockets. It can be troublesome if your child is carrying money and a pickpocket is around. It also puts the child in danger as pickpockets generally use sharp objects to get hold of other people’s wallets. They can end up hurting your child, too. Hence, teaching children how to use digital money works makes it easier for both the parents and the children to be away from such dangers.
The Value of Money: When children are given authority over money, they do not think much while spending. They often end up splurging on things they do not need, which results in money wastage. Parents often get irritated by children hoarding unnecessary items at home just because they are given cash to spend.
Showing off: As kids grow, they want to look cool in front of their friends. When the parents hand over cash to their children, they often show it off to their friends to act cool. This not only invites the danger of theft to your child but can also negatively affect children who do not come from equally financially stable families.
The points mentioned above are the significant reasons why parents hate giving cash to their children. To avoid the dangers of money, parents need to move their children towards digital, and plastic makes it easier to handle and helps keep a better track of the payments. Of course, making kids financially responsible from a young age is essential, but ensuring that they are not obsessed with having cash around all the time!