Teens are spending billions of dollars online. What are they doing? Dowloading music, ringtones, online games, paypal charges for Ebay collectibles, buying stuff and what not. A Wall Street Journal article reports an estimate of $3 Billion spend by teenagers last year over the web.
For this digital generation the primary mode of purchase is turning out to be Internet. What credit card was to previous generation, electronic trasactions are for this generation of teens. It is becoming almost second nature to them.
See the above article to see how many parents are managing allowance to their teens. New challenges require us to develop new stratagies and newer approach to solving the problems. How can we teach them budgeting, financial responsibility and accountability? Maybe we need a web-based personal resource management tools – that can track my spending and reconcile with weekly or monthly allowances. Got any tools out there?
Parents must set limits on online expenditures. Keep close tab on kids online habits. If you are digitally challenged (it is no more acceptable!), this is a high time you get into the game. Get a feel for the Internet world and what your teens are doing out there.