Are you comfortable with children with credit cards in a cashless society?

[robocop666]

[Losalt]

Credit cards, no, they're illegal for children in my country.
Debit cards however?
Sure.
It's normal for kids here to own a debit card with a spending limit in place.
Then they can save up money they earn there and use them for day to day things freely.
But if they want to buy something expensive they have to go to the bank with an adult to withdraw that money physically or at least call and get adult permission for a temporary lifting of the spending limit.

[ChrisMaster69]

Yeah done that for a couple of years.

It teaches responsibility with savings, spending etc

https://www.moneysavingexpert.com/banking/cards-for-under-18s/

[hayley2008]

Not credit, but debit, yes of course. In a totally cashless society, being able to budget without little pieces of paper will be an essential skill that many adults today still can't do.

It's no more difficult to budget without cash than with, it's just that you look at your phone to see how much you have instead of counting pieces of paper. If you normalise that at a young age, it'll just be natural.

[sheikalana]

I guess it depends. When I was s kid my mom used to give us her credit card but she would always establish a limit. I think I’m going to do the same with my kids.

[ArtemisSilver]

No, it normalizes carrying debt. I would say that a debit card that can double as a credit card but is limited to the funds they have in their account is better until they demonstrate they can pay down a cashback every month in full and not go over 30% utilization.

[dustybiker]

No. My first was at 18 and it was prepaid. That’s teaching where your money goes.

[NamerOfStars]

I'm not comfortable with ANY aspect of a cashless society. Or, for that matter, with any aspect of teaching children it's okay when people spy on them.

[Ευδεμονια]

I would be comfortable only if the credit cards have a limit and there needs an authorisation of one parent or tutor for every purchase. Children should be educated to rational usage of money.

[hayley2008]

The way you limit children with cash is by only giving them as much cash as you want them to be able to spend. The way you limit them with a card is by only moving as much money to their account as you want them to be able to spend. What's the difference?

[Ευδεμονια]

It’s a conceptual difference. I think spending money by paying with cash allows you (and especially the children) to be conscious of the amount really spent, on contrary using a card without a real cash money transfer is something that doesn’t allow you to perceive really the fact you’re spending. I don’t know, I have this sensation when using the card, maybe I’m just talking like an old man.

[sage2021]

It would be better if they had a card that you can put a certain amount of money, a pre-paid card like Pay Pal.

[Agent_Elflord]

No, and I’m not comfortable with a cashless society in general.

[Pinay_ako]

As long as there’s a limit on that plastic and they’re responsible with their spending habits…Why not?

[Cherry234]

No. They may use them mindlessly and not understand the consequences of their actions. The interest rates are insanely high.

[Jessica405]

It is fine as long as there is a low fixed limit. Teaches them how to budget and spend a bit more wisely.

[Anonymous]

No. Considering that most people don’t even know how to budget theirselves how can they teach their kids about managing money? They can’t. A cashless society isn’t a good thing.

[GoodGuyBreakingBad]

Yes, I believe parents need to set a limit on the card for the child

[EarthRealm]

Are you comfortable with Children without money to buy food and things they want or need in a cashless society?

[EnglishEuropean]

haha no, children will never have access to credit, unless it's underwritten by their parents. Which no sane parent would agree to,

[Waldoe]

NOPE... children do not need money... Credit cards or any other type of financial means... ask 'Mommy' if you want something

[Anonymous]

no not really. easy to get out of hand if not watched very closely.

[Opinion Owner]

also, just because apparently we are in a "cashless society" doesn't mean no one uses cash these days... i still see people pay for things with cash.

[XXblack88]

It depends on the age of the kid.

[KatherineJ]

No, not at all.

[OddBeMe]

If theyre taught right

[davner]

no. no. no.