Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Giving Kids Easy Access to Parent’s Credit is Just Wrong

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 In an economy like this, more of us find it necessary to say “no” when our kids say “I want.”  That’s not necessarily a bad thing…for either generation.  Learning fiscal responsibility as a teen can create for a more financially responsible adult. 

Our financial futures are more interwoven than ever. And I think we are seeing a heightened recognition that we do need to curb our consumer appetites to build up retirement savings.  As I said to a Boomer marketing group last week,   There is more evidence every day that we have been shaken into awareness that the economy is different and so must be our spending decisions.

 So I found it the announcement of a new website outrageous and not-with-the-times. 

The name says it all –BillMyParents.com. The press release says it’s an “innovative online youth payment system that gives teens the freedom to shop online and parents the control over these purchases — all in a simple, automated system that keeps credit card numbers and other personal information safe and secure.”  The company says 40% of teenagers don’t buy online because they don’t have a credit card.

 I don’t think that is a bad thing.

 As the parent of avid gamer, I purchased many games over the years – and I know the dollars mount up rapidly.   Video games actually provided a way to talk about how to make choices between “need” and “want” that stick with him as a young adult figuring out how to  stretch his paycheck.

 Giving kids access to a virtual giant wish-list and pushing the financial decision making to the parents is just wrong.  It would be better to have the teen understand the limits up front and begin to make financial decisions and choices?  And is it so bad that they can’t buy instantaneously and may actually have to save the cash to buy it on their own?

Teen Years a Time to Build Financial Fundamentals

Teen Years a Time to Build Financial Fundamentals

So baby-boomers — and Gen Xers too — if your child or grandchild comes up with a great new way to get you to pay online for their shopping – rather than signing up for the site – sign up for the chance to talk with them about financial responsibility.

 

 

 

 

 

 

 

 A recent survey found that 95% of respondents aid “financial management should be a standard part of the education curriculum in high school.”  And that was across all generations –even the younger generations agree.

 So if your child or grandchild comes up with a great new way to get you to pay online for their shopping – rather than signing up for the site – sign up for the chance to talk about financial responsibility.

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Written by Laura Rossman

May 18, 2009 at 2:27 pm

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