| A fascinating study commissioned by brokerage | | | | such as Dora the Explorer and Barbie action figures |
| Charles Schwab investigating how teenagers' treat | | | | carrying their own credit cards are now sending out all |
| money and debt has been grabbing the headlines in | | | | the wrong messages. "It's out of control!" he raged. |
| the United States, and contains some findings that we | | | | "McDonalds recently gathered a focus group that |
| in the UK could do well to consider. | | | | identified anyone using a credit card at the restaurant |
| The survey entitled "Teens and Money, 2008" has | | | | would spend almost 47% more than those using cash. |
| highlighted American teenagers' casual approach to | | | | And what's one of the toys released in time for |
| debt and interestingly suggests that their habits could | | | | Christmas this year? A McDonald's cash register that |
| be learned from an early age, playing board and | | | | teaches kids how to use credit cards. |
| computer games and with other toys that incorporate | | | | "As a parent we can't get mad at Dora or Barbie, but |
| credit cards as an integral part of the fun. Some | | | | we need to step back and think what message we're |
| commentators in the States have gone so far as to | | | | sending to our kids," warns Ramsey. He does not |
| suggest that games and other gifts send the wrong | | | | believe that rampant commercialisation of toys such |
| message to children about money. | | | | as Game of Life, which is sponsored by Visa in the |
| As the results of the survey are from American | | | | States help, nor does the adaptation of traditional |
| teenagers, it would be interesting to duplicate the | | | | games such as Monopoly to incorporate a credit card |
| research here in the UK. The survey produced results | | | | deals within the game. |
| which have certainly got parents and child experts | | | | But, it remains to be seen whether this US |
| talking: | | | | commentator's concerns are applicable in the UK. |
| - 51% of teenagers agree that it's easier to buy things | | | | Credit cards are yet to be introduced as an |
| with credit cards | | | | accessory for Barbie, and thankfully the UK electronic |
| - Given the choice almost 1 in 3 teenagers would | | | | bank version of Monopoly uses only debit cards, which |
| prefer to buy with a credit card | | | | is a more responsible approach and one that Ramsey |
| - Teens are motivated by parent's behaviour, 25% | | | | would certainly applaud. In the UK we are certainly a |
| saying that their parents are more likely to use a credit | | | | long from having Action Man and Barbie sit down and |
| card than cash | | | | compare credit cards in their wallets, which might not |
| - 29% of teens are already in debt | | | | be the case in the US. |
| One US radio host Dave Ramsey is certain that toys | | | | |