Dutch kids increasingly nonchalant with their PIN: study
An increasing number of Dutch children are able to draw money or pay for items with their own debit cards themselves, but they are also less safe with their PIN than five years ago, according to a study by budget information institute Nibud. The institute calls this a worrying development, as being able to deal safely with money is a requirement for preventing financial problems in the future, RTL Nieuws reports.
Currently 31 percent of children aged 10 and older can make debit card payments on their own, compared to 17 percent in 2013. But the percentage that know their PIN by heart dropped by 16 percent. Parents are also less confident about whether their child makes payments safely. Five years ago 90 percent of parents knew that their children would make sure no one is watching when they type in their PIN. Now that's 72 percent.
Just like five years ago, a third of Dutch kids over the age of 10 do not get pocket money. In some cases it is because the child does not need it, but many parents also say they can't afford it. A fifth of children over the age of 10 don't work with money at all, compared to 16 percent in 2013.
According to Nibud, research shows that children who learn how to handle money well from their parents, have less chance of ending up with financial problems as adults. Nibud also points out that it is important to teach children to look at the credits and debits in their account. Only 9 percent of Dutch children currently check the amounts going off their accounts.