Can we finally embrace the fact that the world has changed? Yeah we know-back in my day blah blah blah. Listen parents, technology is here to stay and it’s time for us to start embracing it as it has transformed the way we lived and especially how your children will handle their future finances. Luckily financial education has evolved as well.
Money in the Digital Age
We are living in a world where money is no longer real. It’s actually an illusion with very real consequences
Imagine back to when you were a child and you received a birthday card filled with money. Or maybe you had a piggy bank that you filled with coins. Consider yourself lucky because technological advances are transforming the way children experience money. When you were a child the majority of money you dealt with was tangible. In other words you could touch it, hold it, feel it, smell it (if you’re into that). However, today’s children are dealing with money in its digital format.
Money that’s not Real
Gift cards, online banking, cryptocurrency, in-app purchases, direct deposits-all of these conveniences contribute to making money seem less…real. This concept, known as financial abstraction, suggest that when money becomes less tangible and more abstract it changes the way we interact with it.
Future of Financial Education
To counter-act this digital transformation of money we must train children to understand how to manage money in both it’s physical and digital forms.
Our financial coaches at Dollars & Cents University understand this and develop lessons that not only allow children to handle tangible money but also track digital money.
If kids are given financially relevant experiences in their life and someone is there to help them learn the lessons from those experiences they have a higher likelihood of achieving financial success later in life.
If you are looking to prepare your child(ren) for the changing digital world then make sure to enroll them in our financial education courses.