Empowering the Next Generation: How Cashless Venues are Driving Financial Literacy for Kids

In a world where cash is becoming increasingly obsolete, the shift towards cashless venues has presented both challenges and opportunities for families. As the Delta Center in Salt Lake City joins the growing list of establishments that no longer accept cash, parents like Abigail and Alice Gephardt's father are finding innovative solutions to ensure their children can navigate this new financial landscape. Enter BusyKid, a groundbreaking app designed to equip kids with the skills and tools they need to manage their money effectively, even in a cashless environment.

Preparing the Next Generation for Financial Success

Embracing the Cashless Trend

The rise of cashless venues is a trend that has been gaining momentum across the country, with the Delta Center being the latest addition to the growing list. This shift has presented both challenges and opportunities for families, as traditional methods of payment are no longer accepted in these spaces. For Abigail and Alice Gephardt, the inability to use cash to purchase their beloved Dippin' Dots at the Delta Center was a frustrating experience, one that highlighted the need for alternative payment solutions.

As the Gephardt family's "deadbeat dad" should have remembered, the Delta Center's decision to go cashless is part of a broader trend that is transforming the way we think about and manage our money. This shift is creating a demand for payment alternatives that can cater to the needs of both adults and children, ensuring that everyone can participate in the cashless economy.

Introducing BusyKid: A Financial Literacy App for the Next Generation

In response to this growing need, Gregg Murset, a certified financial planner and the owner and CEO of BusyKid, has developed a groundbreaking app that aims to give kids the experience and skills they need to navigate the world of finance. BusyKid is designed to provide children with the opportunity to earn, save, spend, and even invest their money, all within a secure and user-friendly platform.

Murset believes that the benefits of the BusyKid app and its accompanying debit card go beyond simply providing access to cashless venues like the Delta Center. The app's features, which allow users to split their money between spending, saving, giving, and investing, are designed to teach children the importance of financial responsibility and the value of managing their resources effectively.

According to Murset, the app is a better alternative to simply giving children access to their parents' credit and debit cards, as it helps them understand the real-world consequences of their spending decisions. "They need to learn that when they swipe the numbers change, and that money is gone," he explained, highlighting the importance of instilling financial literacy at an early age.

The Gephardt Family's Experience with Cashless Payments

After the disappointing experience at the Delta Center, Abigail's father took the initiative to set her up with a debit card from one of BusyKid's competitors. Abigail seems to be enjoying the new payment method, noting that "one thing I like about it is you don't get change back." This feature, which eliminates the need to manage physical cash, aligns with the growing trend towards cashless transactions and the increasing demand for digital payment solutions.

Abigail also appreciates the ability to split her money between spending and saving, stating, "I think it's nice because I get some money that I can spend and then some goes in my savings that I can spend when I'm older." This functionality, which is a core feature of the BusyKid app, highlights the importance of teaching children the principles of financial management and the value of saving for the future.

Moreover, some debit cards designed for kids, like the one Abigail is using, offer the added benefit of sending push alerts to parents' phones whenever the card is used. This feature allows parents to stay informed about their children's spending habits and provide guidance as needed, further reinforcing the importance of financial literacy and responsible money management.

Empowering the Next Generation: The Importance of Financial Literacy

The shift towards cashless venues and the growing demand for alternative payment solutions is not just a practical concern; it also represents a broader opportunity to empower the next generation with the financial skills and knowledge they need to succeed. By providing children with tools like the BusyKid app, parents can help them develop a strong foundation in financial literacy, equipping them with the tools and mindset they need to navigate the complex financial landscape of the future.

As the world continues to evolve, the ability to manage money effectively will become increasingly crucial for personal and professional success. By investing in the financial education of our children, we can ensure that they are prepared to thrive in a cashless society, making informed decisions and taking control of their financial futures.

The Gephardt family's experience at the Delta Center serves as a poignant reminder of the importance of financial literacy and the need for innovative solutions that can help families adapt to the changing landscape of payments and personal finance. By embracing tools like the BusyKid app, parents can empower their children to become financially responsible and savvy individuals, ready to take on the challenges and opportunities of the future.