N. Raghuraman’s column – has the digital world affected childless’s ability to manage money? , N. Raghuraman’s column: Has the digital world affect the capacity of children’s money management?

N. Raghuraman, Management Guru

You remember my-go-round-A big round platform that rotates in a circle and has seats and animals (such as horses), children sit on them and ride on them? She was last 3 paise when I rode it in the 1960s!

Yes, I was given a coin of 5 paise and I was allowed to ride a one -time ride and save 2 paise. But the owner of the swing convinced me to make a second round in just 2 paise and I accepted that proposal, as if I had a great skill to negotiate. But the mother punished me for unnecessary expenses of 2 paise.

This was my first lesson about the management of money at the age of 5. Later on several occasions- until I passed my school- I used to go to the wholesale market by bicycle and save anything between 5 and 25 paise by making many small shopping for the house. Then I was rewarded by giving some part for that understanding.

I heard this incident to my med this week, which I heard on mobile talking to my 10 -year -old daughter. The girl going to school was crying on the phone and blaming her mother for forgetting to buy a drawing workbook. When the mother asked how much her price is, the girl said 20 rupees.

The mother asked her to go to the shop and call her, so that she could transfer the money digitally to the shopkeeper. The girl ran away and went to the shop and gave a call to the shopkeeper, who told that the price of the book is 18 rupees.

I was thinking that if Made had given Rs 20 cash to the girl, she would have been more likely to spend 2 rupees on herself. But the girl lost that pocket money of 2 rupees, which could give her some happiness.

From this I felt that when more than half of the spending spent on pocket money and children’s needs are getting digital, are our perspectives, learns and habits are also changing with it? It seems that it seems. My arguments for this are as follows.

Even today, when we hear the word money, we still think about coins and notes. Even at the end of the month, I always had at least 1 rupee left from the 5 rupee pocket money available at the beginning of the month. But since our children have lost a sense of association with material wealth and they do not keep them with them at all, they have also forgotten how much they have taken from parents throughout the month.

The mobile phone carrying money no longer feels like money and he considers it a phone instead of cash. Therefore, I think that the spirit of their spending remains high, while the sense of savings has been severely affected.

A survey conducted on 1,067 children aged 3 to 18 in the UK brings light on our children’s changing habits. It was found that most of the children do not know the price of everyday grocery items. But they feel that many opportunities have been revealed by digital-shift with correct support.

Obviously, digital change provides children to manage their money and prefer to prefer to how to spend and save for whom. Many parents realized that their children’s pocket-cost does not last till the next salary in the era of immediate shopping through the online app and they keep asking some extra money in between.

Funda is that When it comes to understanding how digital transactions have affected the understanding of their money management by our children, we get divided opinions on it. What do you think?