Janet Bodnar, Deputy Editor of Kiplinger’s Personal Finance magazine recently addressed the new “pre-paid debit card” for kids. In her interview, she explains how easy it is to put money on the card in advance for our teens to have access to funds without carrying cash around.
Whether or not you agree with this concept, an interesting question does come to mind when we, as parents, are extending the privilege of both dating and driving and who foots the bill.
We are a credit culture and many of our kids have grown accustomed to seeing “the card” used at the grocery store, the movie theatre and the pump. What exactly is the message we are sending them when no cash is actually passing through our fingers, let alone theirs?
I remember going out with friends when I was in High School and the dreaded “ask” for money from my parents before bouncing out the door in pigtails clutching my macramé purse. They gave me cash. Cold hard cash. I had worked hard for that money sweeping the garage and doing dishes. These green bills came at a very dear price and once they were gone, I was on my own…until the next chore was done.
Financial responsibility in driving or dating is inevitable. The car will beg for gas. The girl will beg a new dress. The boy will beg for movie tickets. How long is your arm and how deep are your pockets? An even better question might be, “are our teens really grateful for the privilege of driving and dating when the funds are unlimited and there are no strings attached?" Maybe their time with “Chris” isn’t worth the price of a movie ticket…when it’s their own money.
Thoughts?
Lisa j
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