10 usable things a 10 year old can spend money on?
Answers
Answer:
10 Ways for Preteens to Make Money This Summer
Work as a 'mommy's helper' In the past, middle-school-age baby sitters were the norm. ...
Help a local senior. This was actually one of my earliest jobs. ...
Open a lemonade stand. Ah, a lemonade stand. ...
Do yard work. ...
Walk dogs. ...
Pet sit. ...
Provide tech support. ...
Wash cars.
Please mark me as brainlist
Answer:
Some things about pocket money haven’t really changed in 30 years.
The most popular day for receiving it is on Saturday, according to a survey of more than 25,000 UK parents and children released this week. Tidying your room is the most common chore demanded by parents before any money changes hands (how well I remember being shrieked at to do this on Saturday mornings). And incredibly, children are most eager to spend their money on books, magazines and sweets — cue happy memories of Jackie magazine and Mojo penny chews, in my case.
But any nostalgic feelings about pocket money end here.
This study of the financial habits of four to 14-year-olds in 2019 is not based on cash transactions, as no notes or coins are actually being put into pockets. Instead, the data has been gleaned from parents who use Rooster Money’s app and preloaded contactless card to teach children as young as four how to navigate our increasingly cashless society.
You might find this shocking, but closer examination of the top items bought by children using their pocket money helps explain the rise of digital payment cards aimed at a younger age group.
The problem with these virtual currencies is that you generally need an adult to buy them for you. If that adult is foolhardy enough to save their card details and not enable parental controls, their gaming-mad children could rack up a bill for hundreds or even thousands of pounds, with only some virtual pickaxes to show for it.
While most high street banks won’t give children an account with a payment card until the age of 11, Rooster and competitors such as GoHenry, Nimbl and Osper make this possible for children as young as six.
“Banks are not serving this younger age range, who want to spend money on online games like Fortnite,” says Will Carmichael, Rooster’s chief executive.
According to an Ofcom study in 2016, just over one-third (34 per cent) of preschoolers aged between three and four have their own device such as a tablet or games console, and one in three tweens (eight to 11s) and eight in 10 older children (12-15s) have their own smartphone. Other studies have shown children’s financial habits are formed by the age of seven.
Mr Carmichael believes that by giving children the opportunity of spending money on their own card, they will better understand its value (crucially, they cannot spend more than they have available).
The key feature of such cards is parental control. If children try to make a one-off online purchase on a Rooster card, both the parent and child receive a notification via the app. There is no three-digit CVV number on the back of the card; one needs to be generated via the app to complete the purchase. “Every time there’s a purchase, there’s the potential to have a conversation,” says Mr Carmichael. “The big challenge is making cash tangible in a virtual world.”
All of the new generation of payment cards automatically block payments a child attempts to make to merchants with an over-18 merchant code, such as off licences and betting shops. Osper will also block payments made to online dating websites.