Barbie Cash Register

A study commissioned by Charles Schwab brokerage fascinating considering how to treat teens money and debt has been gripping the headlines in the United States, and contains some conclusions that we in Britain would do well to consider.

The study, titled "Teens and Money, 2008" highlighted the approach of American teenagers occasional debt and suggests is interesting to note that their habits could be learned from an early age, board games and computer games and other toys that incorporate credit cards as part of the fun. Some commentators in the States went far as to suggest that games and other gifts send the wrong message to children on money.

As the results of the survey of American teenagers, it would be interesting to reproduce here the research in the United Kingdom. The survey produced results that have definitely had parents and child experts to speak

- 51% of teens believe it is easier to buy things with credit cards
- Given the choice of nearly 1 in 3 teenagers prefer to buy with a credit card
- Young people are motivated by the behavior of parents, 25% say their parents are more likely to use a credit card than cash
- 29% of adolescents are already in debt

A U.S. radio host Dave Ramsey is certain that toys such as Dora the Explorer Barbie and action figures for their own credit cards are now sending all wrong messages. "It is out of control!" Has he raged. "McDonald's has recently convened a discussion group that has identified all those who use a credit card at the restaurant spend almost 47% more than those using cash. And what is one of the toys released in time for Christmas this year? A McDonald's cash register that teaches children how to use credit cards .

"As parents we can not get angry at Dora or Barbie, but we need to step back and think what message we send to our children," warns Ramsey. He does not believe that the rampant commercialization of toys such as Game of Life, which is sponsored by Visa for U.S. aid or adaptation of traditional games like Monopoly to incorporate a credit card holder in the game. "

But it remains to be seen whether the concerns of the American commentator are applicable in the United Kingdom. Credit cards have not yet been presented as an accessory for Barbie, and, fortunately, the electronic version of Monopoly uses only British bank debit cards, which is a more responsible approach and Ramsey would certainly applaud. In the UK we are certainly far from Action Man and Barbie sit down and compare credit cards in their wallets, that might not be the case in the United States.