Kids bank accounts help teach the value of money

The cashless society – plastic cards and internet banking – is making it hard for children to appreciate the value of money.

A survey of parents by the Commonwealth Bank found two-thirds of the parents say the increasingly “virtual” nature of money is making it harder for children to understand its value.

A report by Westpac released last year found children who work for their pocket money and track their money in an account are more likely to appreciate the value of money.

Source: The Age