Children grow up with a smartphone in their hand. Games and social media are the order of the day. There are financial risks: shopping ads, in-app purchases and more. These risks are not always clear to children and young people. That’s why there is ParentWise: a platform for parents about financial education in a digital world.
OuderWijs is an initiative of de Volksbank. They have been helping schools to teach students financial wisdom for more than ten years and now also do this for parents via the free platform. The tips below will help you get started, but you will find a lot more on OuderWijs more tips and information.
Calling credit, who pays for that?
Is your child getting their first smartphone? Then let your child pay for the subscription from their own checking account! If he or she then purchases additional data or calling minutes, this is reflected in his or her own costs. This way you make your child aware of the choices that are made.
Block in-app purchases
Under the guise of prevention is better than cure: block the option to make in-app purchases. This means you never pay to install games and apps and you cannot pay for products directly via Instagram or in a game. Useful!
Start with pocket money early
OuderWijs gives a tip to start giving pocket money early, from the age of about six. How much and what they can use it for is up to you as parent(s). By giving your child pocket money, he or she learns to make their own financial choices and to better understand the value of money.
Talk about money matters
Communication is key – this also applies to children. So talk to them! You don’t have to lecture your child; ask about their experiences and have an open conversation about possible financial temptations.
Knowing more
You will still find a lot more tips and information about money matters on OuderWijs. For example, download a pocket money contract or request a speaking package about money. Keep a close eye on the platform and become wiser together!