Cash is king
Paying by card can be convenient but a study by Cornell University behavioural economists suggests it might have unintended consequences for choices made by children buying lunch at school. The blogpost, written in 2013 but very relevant today, says schools in the United States increasingly accept debit cards or accounts for lunch but research indicates cashless payments might be linked to more frivolous purchases or greater overall spending. It asks if a “cash for cookies” system for cash users could be used to nudge.
Value of money
Brooklyn Beckham, the son of famous footballer David Beckham and fashion designer Victoria, is working for a few hours a week in a coffee shop for £2.68 an hour, a column in the Telegraph about teaching children to manage money says. Columnist Harry Wallop, father-of-four, muses that the Beckhams’ estimated £210 million fortune could buy a whole coffee chain – but like so many parents, they appear to be trying to teach about the value of earning and saving.
Less well off in retirement
Women are far more likely to find themselves less well off in their retirement years than men, a blog on CNN Money says. It tells how part of the problem could be that women generally earn (and subsequently save) less over their lifetimes. And because women tend to live longer, their savings have to stretch further as well, the blog says.