A few years back, parents had their kids to drop cash in piggy banks to teach them how to save. Technology, however, has changed the story.
Saving money in the age-old piggy bank is no moving towards the digital trend. Today, kids do not just own piggy banks. They have a junior savings account in banks too.
Meanwhile, on online purchases, the TRowe Price 2014 annual survey of parents and kids financial behaviors found that 54% of children purchase mobile apps and make in-app purchases, and 41% use their mobile phones to make general purchases.
With kids downloading music, using smartphones, playing games, and making purchases at their fingertips, teaching money the digital way is a great means for parents to inculcate financial literacy in them. Indeed, teaching money begins at a young age.
Learn how to make money lessons fun and engaging for your children in the digital era with a visual guide made for parents by PawnHero.
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Parents need not be too tech-savvy to teach money to their kids in the age of smartphones and online world. Understanding how our technology and gadgets work to your advantage is the key. These teaching guidelines will surely help parents instill a sense of financial responsibility in their kids.
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