Most countries, especially the Asians like China and Malaysia can be seen teaching the children the importance of saving from a very young age. The parents can be quite strict in enforcing saving habits into their children as they repeatedly went through how important it is to save money for the sake of their future. Some parents bought their children cute piggy banks when their children are as young as 5 years old so that the kids can put in the coins or money they want to save in there. By the end of the month, those who manage to save to the amount they dealt with are rewarded. This is a great parenting tip in order to encourage their children to get used to saving habits. Why are the parents so adamant at initiating these habits, you ask? Besides instilling good values to their children’s moral compass, saving habits help the children to be grateful with what they have and be independent. However, some of the children these days have lost interest in saving due to the rise of online shopping. The youngsters in high school are spending way too much of their monthly allowance to buy unnecessary things. Let’s move on to see how online shopping affects the youth’s saving habits.
A Waste of Money
It doesn’t become a concern if these youths buy things that they really need using online shopping. This is doubtful as they are still at the age where their parents are supporting their financial needs by providing them with all their important needs such as food, shelter and education. This means that their money is simply for their entertainment purposes or in case of emergency. Due to the popularity of online shopping, the youths unfortunately are influenced by their friends to shop whatever they want online. They fail to check if the things they want to buy are important or not before buying, and end up wasting their money on mundane items.
The Influence of Attractive Websites
Apart from mobile applications, the youths who are experts at technology have also been introduced to the online websites. It is common for many brands
or stores to have their own websites for the convenience of their online buyers. It is actually scary how powerful such websites can be in contributing to the youth’s saving habits that can be seen faded more and more from time to time. We can compare this to the power of forex trading, where the industry utilises the best forex broker for beginners site where it attracts the attention of many individuals to start forex trading. It can’t be helped since the sites look so professional and attractive that they have to browse through them and shop. Hence, the youths fail to save money every month due to these websites that never stop to offer them items at great prices.
Online Payment Makes It Harder To Save
It is well known that online payment makes ecommerce transactions so much faster and easier. They can simply use their smartphones where once their TAC numbers are sent to their phones, they can purchase items online in less than 5 minutes. With how easy the online transactions can be done, it is not surprising that the youths tend to overspend and it is always too late when they finally realise that they no longer have money to save.
In conclusion, online shopping has been proven to make human’s shopping easier compared to the past. However, parents should be alert of their children’s spending so that they do not spend too much on online shopping. If they fail to do so, their children will never be able to realise how important saving habits are and the habits will definitely fade from more youths in the future.