Money Smarts Blog

Kids today have the advantage of growing up with technology, and gaming has become an increasingly popular hobby for everyone from preteens to … well, parents my age. In fact, the two demographics with the most gamers, according to Statista, are 18-34 years (36%) followed by 18 years and younger (24%).

Gaming has come a long way from the days of my childhood (although Super Mario and other games of my era are classics for a reason). The graphics are amazing, and the games themselves give kids plenty of opportunities to hone their problem-solving skills and creativity. But today’s video game developers have advanced along with the technology and now target unsuspecting kids with opportunities for in-game purchases.

Kids, by nature, are impulsive and will click pretty much anything to make it go away so they can keep playing. Take my 7-year-old daughter, for example. She likes to play a game within Roblox (which is an online platform and storefront where users go to play games) called Brookhaven RP. It’s a roleplaying game in a city setting, where characters can buy things like clothes, vehicles and more using the game’s electronic currency known as Robux. About a year ago, she accidentally bought 10,000 in-game Robux to the tune of $100 real-world dollars. Several frantic minutes and two frustrated parents later, her non-refundable gaming budget for the rest of the year had been set.

PRO TIP: LEVEL UP THEIR SAVINGS For help getting your kid on the path to healthy saving habits, check out our Balance Builder Junior Savers program, designed specifically for youth through age 18.

DON’T GET PLAYED BY THE VIDEO GAME INDUSTRY

It’s a lucrative, billion-dollar industry for a reason. “Free” is rarely ever free anymore, especially in these digital worlds. “Digital dollars” amount to real-world expenses, and should be treated with the same care. Children, like us adults, can have a hard time understanding that money is gone with the click of a button. Press start with the tips below to protect your credit card from too much in-game spending.

1. Communicate as a family

Whether your child’s a serious gamer or just likes to play games here and there, it’s important to have a conversation to cover the basics. Depending on the age of your child, teach them to “X” out of anything that pops up on the screen or to let you know something has popped up so you can take care of it. For older kids, sit down together and decide on a weekly or monthly gaming budget.

2. Set up payment notifications

Any time you attach a debit or credit card to literally anything online, make sure to set up payment notifications in online banking to help monitor spending. This way, you can see if your child’s hit their agreed-upon budget too quickly (and also avoid any surprises).

3. Set parental controls

No matter what device your child games on, be sure to set up parental controls. This way, you can manage your child’s video game use even if you’re not around — everything from restricting in-game communication, controlling spending, limiting time spent and more.