This week, the ABC has completed some research into the “tap-and-go generation” and found that from a survey of 1100 high school students many are confused about credit cards and how they work. There appears to be a worrying trend of financial illiteracy amongst students which appears tap-and-go technology may be contributing to.
Australia is on the brink of becoming a cashless economy, with the Australian Payments Association estimating that three out of every four face-to-face payments are tap-and-go. Money is becoming “invisible” and the loss of money changing hands has led to a decreased understanding of what money can actually buy, rather than the “buy now pay later” mentality that goes hand-in-hand with a cashless system.
The ABC has posted a quiz so you can test out your own financial literacy against teenagers. Have a go and jump on over to our Facebook page to tell us how you went!