Value of money: children can't understand it in a cashless society

The rise of cashless pocket money means children are in danger of no longer understanding the value of money, a think tank warned.

A report by WealthiHer found that the number of 11-year-olds receiving an allowance paid directly into a bank account rather than handed over in cash has risen by 20 per cent in the past six months.

It said that without better financial education in schools, the demise of children handling actual notes and coins could lead to them having a lack of understanding of financial basics.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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