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Are our children prepared for cashless?

Updated: Jun 30, 2020

Moving from Ka-Ching! to Beep!

With the rise of e-wallets like Grab Pay, DBS PayLah! and convenient modes of payment like SGQR code in most parts of Singapore, the Cashless Movement is impending.

In 2017 Visa Consumer Payment Attitudes survey, 61% of Singaporeans believed that Singapore would go entirely cashless within 7 years. That will be 4 years from now!

Are our children prepared?

A study by Credit Bureau Singapore reported that borrowers from the age of 21-29 were more than twice likely to default on personal loans compared to those who are at least 40 years old.

As credit cards become the “default” mode of payment, millennials are finding it harder to keep track of their spending. As they have already become adults, parents find it hard to help these young adults control their spending.

Raising financial awareness

Our children were not taught financial literacy in schools and the lack of healthy spending habits can spiral downwards in their young adult years.

Thankfully, there are new initiatives to help parents. All year 1 polytechnic and ITE students have started financial literacy lessons from 2019 onwards.

But parents should play their part as money habits start from young. It could be as simple as these:

  1. Give your child fixed allowance. We do not encourage you to give in when they run out of pocket money.

  2. Track their expenditure. This can be hard to do when your children still spend in hard-cash. Why not consider using e-wallets/ez-link card to give them allowance and track their expenditure using Taby? We are a pocket money app for teenagers.

  3. Encourage them to save! You can even do a matching program by incentivising them $x for every dollar saved by your child​.

Taby creates a controlled environment for your teenage child to experience digital/cashless payments in a rapidly growing cashless society! Kickstart teaching your children financial habits and register your interest today!

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