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There are many ways for children to learn about financial management, and allowing them to make good use of their limited budget for shopping is one of them. During the epidemic, there are fewer opportunities to go shopping offline, but this does not prevent a family from enjoying the job of shopping via online platforms like Amazon.

Shopping online do not only offer you with a greater variety of choices, but also extremely convenient. As there was no pain taking out money from your wallet physically, It can easily turn into a financial nightmare. Regarding the situation, shopping online together with your kids would be an excellent opportunity to educate them on the correct financial management concepts.
Kids online

Source: IFEC

Tell the difference between online and offline shopping

Mum with Kid

Source: Shopping Lifestyle

With rich life experiences, parents can use examples in daily life to guide children on the difference between shopping offline and online.

For example, your kids may be particularly interested in a particular toy. You can share with your children: If we shop at a physically store, you can normally try it on before we buy it, and there will usually be a profession sales answering your questions. While for the online store, we can find more goods at relatively lower prices, and we can also buy them anytime, anywhere, regardless of the closing of the store. However, it often takes extra time and freight to obtain the product.

Shopping Online VS Offline
Online Offline
Normally there will not be a specific staff available to answer your questions. In contrast, you will not have to be worried about being hard sell on. There will be a professional sales available to answer your questions on the spot. However, he or she might also persuade you to buy unnecessary products to fulfil his/ her own sales target.
You can buy anywhere, anytime. You have to visit the store during business hours to buy the product.
You might easily get a defective good buying online. Remember to pay extra attention to other buyers rating and comments on the seller. Remember to pay extra attention to other buyers rating and comments on the seller.
You will have to wait for delivery. You can get the product immediately.
Additional tips on shopping online
  1. Pay extra attention to the return standard: Since defective products is quite common for online shopping, parents should remind children to pay attention to the return and exchange standards when purchasing goods, or even let them experiencing the hard feeling of purchasing a defective good that cannot be returned using their own saving. This will for sure teach them a great lesson on online shopping.
  2. Distinguish between needs and wants: Given the low price, great variety and powerful algorithm equipped by Amazon, it is extremely easy for mature consumer to fall prey to unnecessary consumptions, not to mention children with much less life experience. Thus, it will be ideal if parents can setup budget and shopping list with their kids in advance, so the family can avoid overspending and be wise online consumer.
  3. Beware of online fraud: Online fraud are everywhere. In addition to the loss of money, the consequences of the fraudster taking your personal data for other illegal purposes are even more unimaginable. Therefore, parents must pay extra attention to suspicious websites and any request on personal information.. They should also ensure that the children are shopping on a reliable and reputable online shopping platform, so as not to be easily deceived.

In fact, children nowadays are digital natives. It will be burning your house to frighten the mouse away if parents decided to keep their children away just to prevent them from online fraud and overspending. The correct attitude should cultivating a smart and mature online consumer at an early stage, so as to tackle the problem at its roots.

Source: IFEC – the Chin Family – Learning more about shopping channels and online shopping

Digital Pocket Money

Kids Financial App





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