What is the online money management center?: Launch of the online money management center

We launched the new online money management hub to help parents address the problem of children’s money management online as they grow up in an increasingly cashless society.

What Does Research Say About Online Money Management Among Young People?: Launch of the online money management center

We found that over 2,000 UK parents showed that the potential risks of spending money on games and apps is now the second biggest problem online that parents say their child has direct experience with (16%) . And while you find 43% are concerned about their child spending money online, nearly one in four (38%) are concerned that their children are playing on websites or in games / apps.
Although the experience of spending money online increases as they age, the data reveals that up to one in eight (12%) children ages four to five have spent money online.

Despite parental concerns, only 18% said they had talked to their children about the risks of spending money online.

What is included in the online money management center?: Launch of the online money management center

The new center will offer new resources to give parents the knowledge and confidence to talk to their children about managing money online.

The new guides, released today, include tips on in-game spending and new trends, such as gifting game influencers and buying loot boxes, which are like virtual treasure chests that players can buy without knowing the content beforehand. to buy.
The guides include tips for parents on how to control what kids buy online, using parental controls and device settings to set spending limits or restrict in-app purchases so they don’t spend money online without know it.

What we say

Child psychologist and Internet Matters ambassador Dr. Linda Papadopoulos said: “While kids may find out about the latest video game online, many are at a loss when it comes to understanding the value of money, which is why we see so many headlines. about kids accidentally hoarding thousands of pounds online.

Just as it is natural for us to advise children how to spend their pocket money in the offline world, we must help them in the online world. It is important for us to have discussions with them about the risks of spending money online and how they could be susceptible to fraud, scams, or other financial damage.

Also talk with your child about the peer pressure they might feel. We know from recent reports that kids have spent hundreds of pounds on items like loot boxes where they are unsure of rewards just to keep up with their friends. “

Carolyn Bunting, CEO of Internet Matters, said: “From our research, it is clear that spending money online is now part of children’s digital lives from a young age.

It is disturbing to see that while parents are concerned that their children are spending money online, many do not have regular conversations with their children about it.

As parents, we must encourage our children to think critically about the money they spend online and become familiar with the games and applications our children use; most will have controls and settings that will prevent any unauthorized spending.

The new center offers a wealth of resources for parents to empower their children to make the right decisions about how they spend their money online and consider the real value of what they are buying. “

Visit www.internetmatters.org/resources/online-money-management-guide to learn more about helping children manage money online.