Learning about how money works is important for children. But today, when all of our transactions seem to take with the mysterious swipe of a card, or inside a computer. So how to teach children about money when nobody uses cash anymore?
I have a two year old son, and he is starting to understand the concept of “checking out” at the store. He likes to help write on the credit-card screen (I help him to type in our zip code, for example) and is generally very curious about all of this. But it occurred to me today that my son very rarely sees a cash transaction, or any cash at all for that matter. I use a debit or credit card (which is paid in full every month) for nearly every transaction.
I’m wondering if I should start using cash much more often so he can see the money and understand what is going on, and prepare him for using cash when he starts getting an allowance. Or, since cash is so un-used in my life (and so many others), should I teach him how banks and debit cards work?
In other words, how do kids today learn about “money” as a concept, when they so rarely see actual money changing hands?