Teens need to learn some cash truths

Posted on: 14/09/2011

With the price of everyday items constantly increasing, financial pressure is becoming more of a burden on the UK public and many parents are calling for the government to provide children with an education that will equip them with the knowledge necessary to deal with any potential economic hardships.

Following this, T Mobile conducted a survey of 2000 teenagers to find out just how much they understand about the value of cash in today's society. Shockingly enough, the majority of the children asked were unable to give a correct answer when asked how much a loaf of bread cost (£1.10), or how much cash it takes to fill up a family-sized car with petrol (£70).

Unsurprisingly however, the majority could reel off the exact price for the latest technological gadgets - from iPods and iPads to Sony PS3s.

It seems to me that today's youth are in need of a lesson in the realities of economic and financial responsibilities. I see teenagers and - unbelievably - young children on a daily basis spending the day shopping with nothing but their debit or credit cards which are, more often than not, funded by their parents bank accounts. With the apparent ease and simplicity that comes with swiping a card in order to make a purchase, is it really any wonder that young people are unaware of the real value of money?

Long gone, it seems, are the days of a simple cash allowance and in my belief, it's time to bring that cash back!

By restricting children to a cash-only budget, it will enable them to better understand the value of the pound and the extraordinary rising cost of the average item. The best cash lesson that young people can learn is just how far each pound will go and by using plastic over cash, it's easy for them to avoid these realities. 

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