16 Feb 2018 Nearly one in four primary school children have used their parents’ card to make purchases and one in five know their parents’ credit or debit card PINs, research from Prudential shows.
The study coincides with the introduction of a new free online educational resource, Cha-Ching (www.cha-chingeducation.co.uk), which is designed to improve the financial capability of Key Stage 2 pupils across the UK.
Prudential’s research found that nearly 16 per cent of parents let children pay for items with their contactless card.
Kids who are allowed to use their parents cards are mainly given permission so that they have access to money in an emergency. Parents also argue that it helps them to keep track of what their children are spending. The vast majority (92 per cent) say they set a limit on how much their children can spend.
Jane Rawnsley, Group Head of Corporate Responsibility at Prudential Plc, said: “The survey suggests that the way children use and understand money is changing very fast. It’s important that parents and teachers are given the tools to ensure that the opportunities created by digital payment technology are accompanied by an understanding of the responsibilities that come with it. That is why we are launching Cha-Ching in the UK, a digital-first financial education programme built around mobile, tablet and online resources which can also be integrated into the real environment of a classroom and home.”
Prudential’s research went on to show even if spending on contactless cards is soaring teachers and parents are worried that relying on contactless cards means children are not learning the value of money. Around 78 per cent of teachers and 37 per cent of parents say the rise of the cashless society is damaging to children’s understanding of money.
However, the majority of children themselves (87 per cent), still prefer their pocket money in cash.
Helpful Resource Depending On Your Requirements