We need to educate and teach our children about money, how to use it and develop better savings habits.
Research has found that most children develop money, spending and savings habits by the age of 7. (Source BBC). The question in this technotronic age is: How to educate them?
By 2030 it is estimated that only 1 in 10 transactions in the UK will be 'cash' based with almost everything paid by card, contactless, touch and go or wallet apps on your smartphone/smartwatch.
Things to consider:
Let children handle and play with money.
Play money based games even Monopoly forces you to rent, buy, default, pay fines etc
Let children 'earn' pocket money - teach them value?
When using card/contactless/phone wallets - talk to them about what you are doing.