By Dr. Jo Webber, Founder of Oink
“Oink” is the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment.
Many things have changed since we were children. Back then, banks were safe and paid good interest, and buying a home was always a good investment. All of this has changed over the last 6 years.  Today, many children are growing up in homes where spending is out of control and credit card debt is a crippling problem.
The current youth generation is first generation to have never not known the Internet. Almost 70% of high schoolers in the United States carry a Smartphone and have easy access to the Internet. They are usually much more tech savvy than their parents. This makes it difficult and sometimes intimidating for the parents to teach their children the importance of financial management. There are also businesses looking to take advantage of kids, 84% of kids’ apps that allow purchases are free to download and almost 70% of 8-12 year olds have made in-app purchases. Apple settled a $100M lawsuit with parents on this subject last year, and in the UK the Office for Fair Trading has just announced an investigation into whether children are being unfairly pressured or encouraged to pay for additional content in ‘free’ web and app-based games.
Whatever happens with the investigation, its very important that parents teach their children to understand the value of money and understand that paying $50 for a virtual item is a lot of money – even if it comes from Mom’s account! It is very important to our country for this next generation coming through to be able to manage their money and understand budgeting. Teaching children to manage their finances is a valuable lesson that can stay with them for the rest of their lives.
