Coin hunt designed to focus on saving

PARENTS are worrying about the impact of a cashless society on their children’s ability to understand concepts such as saving.

A new national poll commissioned by the Royal Australian Mint revealed 67 per cent of parents worry that moving to mobile and card payments will reduce their child’s ability to understand the value of money.

The survey also found that more mums (70 per cent) were concerned with a cashless society than dads (63 per cent).

Of concern, is a child’s ability to learn how to save, with 57 per cent of parents agreeing a lack of contact with physical notes and coins would make this a challenge. And 67 per cent said they felt money will become an abstract concept for children if they don’t see the physical exchange of money.

“The poll findings demonstrate the importance of collecting and saving coins for the financial literacy of Australia’s young people,” said Ross MacDiarmid, CEO of the Royal Australian Mint.

To help encourage parents and kids to engage with coins, the mint has launched the nation’s first ever coin hunt, Australia’s Dollar Discovery. Three million $1 coins marked with either the letter A, U or S are now in circulation.

Families who collect one of each coin can will go in the draw to be one of only eight people who mint their very own one kilogram pure silver coin (RRP $1695), along with other prizes.

Winners will be announced on the 35th anniversary of the $1 coin, May 14, 2019.