True story: The dad took his 7-year-old son to a funky donut shop he had heard about, a shop which took cash only. No credit cards, no Apple Pay. “But Dad, how can we pay for this?” the worried boy asked, fearing he wouldn’t get his donuts. The dad took out his wallet and found a couple of bills. The rest of the story is not important for now. What it does illustrate is today’s kids’ dwindling knowledge of real money.
A different parent shared with me that her 6-year-old not only couldn’t identify different coins, but he didn’t know their value either. Yes, of course, this knowledge comes right along with math foundations and learning. But in the “olden days” coins were a part of kids’ lives from a very early age. They collected lose change from ashtrays and dresser tops; they searched for lucky pennies on the street; there were nickel gumball machines around town. A child needed quarters for all kinds of things, like the ice cream man or buying the local paper or even using a pay phone. Times have really changed. And it is impacting our children’s learning.
Understanding how money works, from a child’s perspective, is quite different from when you or I were growing up. Their knowledge is limited by their exposure or lack thereof. Seldom do we use cash in our daily transactions. Our kids are not exposed to money, real money, coinage and bills, giving and taking for goods and services rendered. They don’t see parents counting out the money from their wallets; they don’t see the grocery clerk making change for the customer. Today, generous (and indulgent) Grandpa will hand the child a fat ten or twenty or even hundred dollar bill. They know it is big, but what does it represent?
Kids today are not learning about money or the value of money. Nor are they learning where it comes from. They do not see their parents using money for transactions. And they don’t receive legal tender in coins and bills. Birthday gifts come as store cards. And our older kids are given debit cards that parents fill up regularly. Holy moly! No wonder we have a generation of children who don’t get it.
For your children’s sake, especially the little ones, it’s time to start USING real money. Use it in front of them. Count money out. If a monetary reward in in order, give cash money, preferably in different denominations. Pay for items being purchased with cash.
Never will I forget the teacher who attended my children’s B’Nai Mitzvah presented each a sizeable monetary gift, all in pennies. Not only were the boxes so heavy, but my kids were tasked with counting, organizing, and bringing the gift to the bank! She was a fabulous teacher, clearly!
Before a child can grow to grasp the concept of what all that plastic and all those apps represent, s/he needs to have lots of experience with the real thing. It’s not unlike the importance of play in creating foundations for learning. For our little ones, the time is now. Go get some cash!
Part II addresses Teaching About Money. Coming soon.
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