Training children to use contact-less bank cards responsibly is an important life lesson. Some banks can set up free pre-paid debit cards with corresponding apps for young people to save and spend pocket money.
Laying the foundations of digital financial literacy early on helps young people understand the consequences of tapping and clicking other digital services such as buy now, pay later or the addictive attraction of pay to play online gambling. Could also resist being recruited as a money mule.
A new study (FT November 23, 2024 'Generation Alpha's money puzzle') based on a survey of 2000 students found that 84% of six to 18 year olds want to receive more financial education in school with an emphasis on practical skills such as budgeting, how to earn money and build a career as well as how to achieve a milestone like buying a house. Most of the students polled said learning about money was equally as or more important than maths, English and science. The article commented that current financial education in primary and secondary schools was patchy at best.
The FT Financial Literacy and Inclusion Campaign contains short modules including PPT slides on many areas of the topic such as banking, budgeting, how to look after your money at Key Stages 3,4 and 5.