The vast majority of Canadian adults grew up with a pretty specific understanding about money. It came in coin and paper form – with paper being the preferable material. We understood that when we provided money to retailers, we would get something back in return. And, of course, there was often change provided in that transaction. After all, having exact cash amounts for purchases is a rarity. Nevertheless, we all needed to learn the value of money.
In today’s world, our youngsters are more financially savvy than ever before. But they have learned about money in a very different way than most of us adults did. Earlier today, CBC News reported that Canadian teens rank the highest in the world in financial literacy.
A new report, by the Organization for Economic Co-operation and Development, studied 15 year-olds from seven different provinces and found that Canada’s teens best managed questions about income and wealth in the short and long-term.
The report also found that Canadian teenagers best understand risk and reward when it comes to transactions. According to CBC News, one of the reasons that Canadian teens ranked so highly in their understanding of finances is their experiences with debit cards and credit cards.
According to Marissa Sollows, who is a senior education coordinator with the financial and consumer services commission in New Brunswick, Canadian students are taught budgeting, investment portfolio management and interest rates as part of the high school math curriculum.
“I think it\’s incredibly important for teenagers and even younger to start getting this financial information and getting these skills,” Sollows is quoted as saying by CBC News, “Allowing them to be prepared and kind of make mistakes and learn in a safe environment before these mistakes could have a real negative impact.”
She goes on to say that the growing popularity of pre-paid credit and debit cards and the downward trend of using cash to pay for goods has changed the concept of money in the minds of today’s younger generation. With less hands-on experience with cash, kids have less of an understanding of the “loss” that comes with giving up cash during transactions. Regardless, their financial literacy is very strong.
As CBC News highlights, students scored highly when asked about consumer rights and responsibilities, the implications of contracts and different forms of money. At Canadian POS Corporation, we incredibly pleased to learn that our nation appears to be very advanced in its thinking about finances. Understanding that Canada is trending towards being a “cashless society” is very important for business owners and consumers alike.
If you’re a business owner who is yet to offer his/her customers the opportunity to pay for their purchases with debit cards and credit cards, you’re clearly not keeping up with the trends. All signs point to debit card and credit card use becoming more and more popular with each passing year.
To learn more about how you can begin to accept debit and credit, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless POS terminal options!