Smiling Teen Girl holds credit card and asks what to buy online
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In the time of current satisfaction where Alpha gene has easy access to current delivery services such as Amazon Prime and Uber eats, some parents are wondering how to teach young money saving skills.
Born between 2010 and 2024. years, the Alpha Gene is not like other generations. They grew up with smartphones in the hands and the possibility of buying on a click on the button.
In fact, their consumption is huge. The Alpha Gene spent $ 92m (126.2 million dollars) between 2023 and 2024. years, according to the company’s research, which provides debit cards for children in Great Britain, US, France and Spain. Gohenry published his report on the economy of young people in September 2024. years, which gave data from 311,832 children.
Much of this money goes to network services, and Gohenry children spend over £ 3m to food delivery services, for 113% of the year before. In addition, almost half like to buy on social networking platforms like ticktok store, Facebook Marketplace and Instagram.
Their economic imprint is expected to be expected Reach $ 5.46 trillion By 2029, according to McCrindle research company.
“Convenience and speed became the norm,” said Louise Hill, the founder of Gohenry, said CNBC to make him in an interview. “One of the things we need to remember when we think special about the general language, they are completely accustomed to everything that is available on the click of the switch, and it runs different behaviors with money.”
The hill is explained that despite the inflow of financial education resources, there was also an increase in products and applications that are easy to use, such as credit cards, buy-now-salary – later and contactless payments. It is therefore more complex for parents to move according to the lecture of cash skills to children.
She emphasized the importance of child understanding “that money must be earned before it can be spent,” and then spend it with thought and consideration.
Make money “tangible”
Hill said it was crucial that children saw “tangible aspects of money” like physical money, to understand her value. Giving “regular pocket money” is one solution, giving 50 pennies a week up to £ 5.
“If you give a child of 50 pensions and chooses a week that works like a family for pocket money, it could be on Saturday, and then you can literally give them up” Oh, I look, it’s every Saturday. If I save four Saturdays I have two pounds. And now I can buy. And now I can buy X, and, and I can buy now. And now I can buy X, and, and, and now.
Handling individuals allows children to know how much their favorite subjects cost.
“You can give kids some coins, and then they can have a concept that these coins are exchanged for the sweets of sweets, opposite the larger toy,” said the founder of Gohenry.
For teenagers, the hill proposed a “pizza budget” method, allowing children to visually understand how much money goes to household management and pay bills.
“Pizza is your money, or your salary or your pocket money, and then you will guess your child,” do you want to guess how big a pizza slice we need to cut is this household? How big is it necessary to reduce that to pay for rent or pay for a mortgage? “
While the pizza becomes smaller and smaller, creates understanding how much money remains for free time.
Include children in money conversations
Children are like a sponge and tend to absorb views around money from their parents, so Hill believes that it is good to keep them in a household financial finance loop.
She offered an example of costs of a living crisis in the UK after Pandemia Savid-19, which stated in the media broadly. Gohenry began to listen from customers that their children were worried about the cost of crisis.
“Children absorb everything in such a situation where she might have emphasized as a family because of the money,” she said.
Parents can talk about money fighting without gathering the correct problem, as they are able to pay rent.
For example, Hill said that if you could no longer afford to have to take every Friday evening, and then children involved in making “FakeAway”, which means it is in the house.
“What about getting children who participated in making pizza and choosing their toppings, and pick those toppings, instead of paying money, and then shows them how much money is shown how much money is saved”.
This can help children feel more in controlling their spending habits and learn to tighten their belts when they need them grow old.
