In Increasingly Cashless Singapore, Primary School Kids Struggle to Count Cash

Amid the rise of cashless payments, educators and hawkers grapple with teaching the next generation the value of money.

SINGAPORE: On a bus ride, a child tries to recall his recess meal expenses. “My drink was $5, and bee hoon was 20 cents!” His helper gently corrects him, reminding him that his pocket money was only $3. Such moments reflect a growing challenge in Singapore’s increasingly cashless society—children’s declining familiarity with physical money.

This shift is echoed by hawkers like Madam Mui*, who works in a school canteen in the West. “It’s common for young students to hand over their wallets and expect us to pick the money ourselves,” she says. Faced with queues of hungry students, hawkers often prioritize speed over teaching financial literacy, taking what’s owed and returning the rest.

The Growing Disconnect
The rise of cashless systems like the Smart Buddy program in schools, where students pay with e-wallets linked to smartwatches, exacerbates the issue. While these systems simplify transactions, they remove opportunities for children to handle physical money and develop an understanding of its value.

Hawkers like Ms. Wei*, from a school in the Northeast, notice students paying with large bills, sometimes as high as $50, without understanding the implications. “When they lose change or forget their spending, it’s hard to resolve,” she explains. To protect themselves, some hawkers now record transactions by photographing money exchanges.

Educational and Parental Gaps
The teaching of money concepts in Singapore’s curriculum begins late, typically in the second year of kindergarten, with only basic exposure. Former kindergarten teacher Megan* attributes this to the cognitive skills needed to understand money, such as basic arithmetic.

Parents like Mrs. Yap*, however, emphasize cash-based learning at home to bridge this gap. Through hands-on experiences and play, her daughter developed an early understanding of money’s value. Yet, many parents lack the time to reinforce these lessons, leaving schools to manage the burden.

The Cashless Future
Singapore aims to implement the Smart Buddy system in all schools by 2025, accelerating the shift to a cashless society. While this raises concerns about children losing essential cash-handling skills, cognitive development theories suggest otherwise.

Megan highlights that, historically, humanity has adapted to evolving transaction systems. “Kids today will develop the skills relevant to their environment,” she assures, whether it’s understanding in-game currencies or managing digital wallets.

Ultimately, the ability to trade and manage resources transcends the medium of exchange. As society continues to digitize, children will learn to navigate these systems in time, even if it means making a few mistakes along the way.

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