Children losing their cash in online gambling surge
PARENTS are increasingly worried about how much money their children spend on games and apps, yet aren’t taking action to protect them.
More than half are worried about their child spending money online, while almost as many also fear they are secretly gambling as well, according to research from Internet Matters.
Despite this, fewer than one in five has spoken to their children about the issue in the last six months.
The dangers of squandering money online have been worsened by the switch to a cashless society, as money now becomes simply numbers on a screen, rather than something you can see and touch.
Experts say children struggle to understand its value and importance as a result. The research also shows as many as one in eight children aged four or five have now spent money online. Child psychologist Dr Linda Papadopoulos said while children may understand video games better than their parents, many are in over their heads when it comes to money matters: “This is why we see so many headlines about kids accidentally racking up thousands of pounds online.”
She urged parents to alert children to the risks of spending money online, including the threat posed by scams and fraud.
Peer pressure adds to the danger. Dr Papadopoulos added: “Some have spent hundreds of pounds on items such as loot boxes where they are unsure of the rewards, just to keep up with their friends.”
Internet Matters has launched an online money management guide and chief executive Carolyn Bunting said: “Parents and carers should encourage children to think critically.”