Research: almost half of parents are concerned about their child’s online purchases

Image: Shutterstock

Commissioned by de Volksbank, Panelwizard asked more than 1,300 Dutch people aged 25 and older with children aged 4 to 14 about (learning to) handle money. When asked if their son or daughter knows when they have to pay for something online – such as purchases in a game or the Apple Store – 43.1% said they agree. Just under 21% fully agree, 12.2% are neutral and 12.1% say they do not agree.

The fact that parents are concerned about online purchases and the influence of influencers is clear from the research. To the question ‘I am worried about all online financial temptations’, almost 50% of the parents answer in the affirmative (36.9% agree and 10.8% indicate that they strongly agree).

It is also asked whether parents think that their child is influenced by social media when buying or wanting to buy things, for example by influencers. 44% answered positively: 33% agreed and 11.6% strongly agreed. Only 11.9% of the parents indicate that this is not the case.

Also read: 5x tips to protect your child online

In-game purchases and money mules

It is up to parents to arm their children against the dangers of online purchases. Most believe that they have sufficient knowledge to arm their child against influence by advertising, the dangers of post-payment and WhatsApp fraud. No less than 91.5% say they know enough to teach their child more about the influence of advertising on TV, social media and online.

More than a third know little or nothing about money mules, whereby criminals specifically ask young people to transfer money through their own bank account. Furthermore, two out of ten parents indicate that they do not know enough or nothing about in-game purchases and influence by influencers. The same applies to social media scams through fake advertisements and ‘get rich quick videos’ on Instagram or TikTok.

Need for help

On which topics parents have actually taught their child something in the past year, the importance of saving is number 1 (68.1%). The opportunity to earn money follows with 51% and in third place – with 39.8% – is how you can be influenced, for example through advertising. Learning more about the danger of scams/fraud via WhatsApp, social media and payment requests is in fourth place, with 25.6%. More than half (56%) of all parents who took part in the survey say they need help to teach their child how to handle money.

Possibilities and pitfalls

Trend strategist Lieke Lamb, of Future Expertise Center, says: “Knowledge is the best weapon against fraud and the strongest security for responsible money management. It is beneficial if children know the value of money from an early age. But they also need to have the patterns, interests and dangers properly explained. With examples that appeal to the imagination, the new generation learns best what the possibilities and pitfalls are.”

Read also: More pocket money because of inflation? ‘No, children should be happy with what they get’

Whether their son or daughter ever buys or pays for something online, and if so, in what way no fewer than two-thirds (68.9%) indicate that their child never buys or pays for anything online. Just under 5% say that their child buys or pays for something via the Apple Store/Play Store via the parent’s account and just over 1% answers that their child pays via the Apple Store/Play Store with their own account.

What do parents think their child spends a lot of money on? Most goes to sweets and snacks (36.5%), followed by small toys/accessories/gadgets (32.6%) and games or apps (or purchases in a game or app, 24.1%).

Receive Kek Mama with a discount and free shipping on your doormat every month! Subscribe now and pay only €4.19 per edition.

Source: research de Volksbank