Concerns have been raised about how primary school students, ages 5 to 12, will adjust to a financial landscape dominated by digital transactions as Australia continues its push towards becoming a cashless society.
Bankstown South Public School’s Parents and Citizens (P&C) Association President, Jasmin Tisane, voiced her concerns about the implications of this transition on young students. In recent years, Australia has witnessed a significant shift away from traditional cash transactions in favour of digital payment methods. While this transition offers convenience and efficiency for many, it has raised questions about how it will affect children who rely on cash flow for daily expenses, particularly when participating in school fairs and purchasing food.
Tisane expressed her apprehensions about this transition. “How are we going to allow minors to use a cashless flow when they already struggle to count money? We are also concerned about the potential increase in theft in schools,” Tisane said.
“This shift to a cashless society could decrease school fair profits and deter kids from participating.”
Tisane’s concerns are shared by many parents and educators across the country. Primary school children typically receive pocket money in cash from their parents, which they use to buy snacks, lunch, and participate in various school activities such as fairs and fundraisers. The idea of young children handling debit and credit cards has sparked debates over their readiness and the risks associated with digital transactions.
Experts in child development and education have weighed in on the debate, suggesting that while some children may adapt quickly to digital payments, others may face challenges in understanding the concept of electronic money.
Financial literacy among young children is an important skill that must be addressed and honed to ensure they can make responsible financial decisions.
Bankstown South Public School and other educational institutions across the country are now faced with the task of finding suitable solutions to accommodate the needs of young students in this evolving financial landscape. Some proposals include implementing supervised digital payment systems for children or providing financial education programs to teach them how to manage electronic transactions safely.
The concerns voiced by the P&C President of Bankstown South Public School highlight the significance of ensuring that all members of society, even young children, can successfully navigate this new financial landscape. As Australia is continuing its move towards a cashless society, it will be interesting to observe how parents, educators, and governments work together to solve these issues while safeguarding the financial security of society’s most vulnerable citizens.