RIGHT OF GOV TO PUSH FOR CASHLESS?

euphratis SG

No doubt the convenience of cashless like NETS is making life easier. VISA made spending superb (if you do have the hard cash backings). But even for many adults, they are getting into bankruptcy because they spent beyond their earnings. The banks will give them twice the spending power of their earning t4 many have a illusion that they are earning more. So why worry when bonus is coming end of each year. (if it comes...what if not?) Even in business, everything is in credit. Don't have it...fraud it.

Why IS this phenomena happening in this generation but not our forefathers? They don't depend on credit cards...they use hard cash, even in business. They have learnt the value of money, credit is not as easy to come by as now. So spend what you earn, and save if you can for rainy days.

So by introducing in the pre-text of "convenience of cashless". We are not imparting those value of spend within your means. To a young child, they will not have the ideal the value of money. So what is a $100 or $1000 or $10,000 to them because everything can be credited to their parents. As long as they like it, it does not matter how much it will cost because the transaction is only by digits on computer. They will not value nor appreciate the things you have bought for them with your hard earn money. They will only appreciate only the "in-thing" no matter what is the cost because it cost them "nothing".

For now when you shop, you will still look at the price tag & pay by VISA/NETS but in near future or even now....many are spending without even think about the price but the merchandise....

Ah Ma SG

need to control lor esp using credit card, if nt.followin mth will be head big when see the bill..then mayb they wont spend so much after they experienced that. bt.. not everyone like to spend money. Some will save alot. i gt one fren, he dn even have hp nor pager, sch bag used from sec 1 i know him till nw.

BrUtUs SG

kids will onli learn when they work for their living next time... Cool

euphratis SG

Yes there are some who held on to their forefather's teachings but this species are getting extinct...I too are against credit cards & have non even when I am qualified for a gold.

But I do give credit to the person who created NETS, at least it is real cash....not illusions of wealth.

euphratis SG

So why are people getting bankkrupt at age of 20+ over credit cards? Are they learning yet? Rolling Eyes

Ah Ma SG

i tink aso to do wit salary.

ya see ppl earn $8000 a mth, spend credit card etc left debts
see ppl earning $1500 a mth, save thrifty $1000 a mth.

BrUtUs SG

they didnt bother to control the spending so hv to suffer... but not all like tat...

ShutterBug SG

Value of money, also starts at home. Basically how a child was brought up directly affects the child's future sense of value over money, and everything else.

But in Singapore, where having the latest mobile phone and fashion wear is of paramount interest and concern of our young, teaching one's child to be thrifty can be rather daunting. Especially in a society where being "up-to-date" and "the latest", or, "I have it too" mentality can bring about many a bankrupt fellows.

All my years of doing business, and drawing reasonably to upkeep my interest in photography, I have never owned a credit card or spent on credit. However, I don't mean others should be like me, but rather it's a personal prerference - I prefer dealing in hard cash and I do not provide for credit transactions.

For things can go financially awry overnight.