Change creates positive and negatives. The digital world means newer generations will grow up far more tech savvy. On the shadow side as we have touched on in passing a few times the digital world has been a created a nightmare for mental health in the young. But there are many dimensions of challenges – social media and money being but two.
When money was something physical you could put it into kids paws and to spend it they would have to hand some over and end up with less. This gave a good feel for its nature and the limitation of its amount.
How does this work in a virtual world though when literally “no money changes hands”, when “money” is something virtual? GoHenry have an answer to the money education and management piece – a payment card designed for children – digital pocket money if you like and 700,000 clients to date.
Founder Louise Hill and I discuss the challenges kids face in the digital world and hence the challenges their parents have. We don’t have all the answers to all the questions but have had to find some interim answers as parents ourselves.
Topics discussed include:
- the London underground heating London’s soil
- cycling round Cuba
- Louise’s career
- the predecessor of e-commerce – home shopping and its seminal role in creating the digital world
- mid-90s was the start of the changeover to a digital-led world
- lessons from the early days of digital marketing – mistakes and successes
- the importance of how one should show products online
- the genesis of GoHenry
- problems of online expenditure when you hand over your credit card details to children
- gender differences in teen spending – boys 41% of their spending is online, girls 2/3 spent on the high street
- online gaming spend for boys peaks at age 13 – at almost £200 pa… girls in same category £4.20
- the challenges for parents over education children about money when money isn’t something “real”
- safe spending online – for them and for the parents wallet (£6,000 bill on Xbox)
- the boy who ordered an ambulance on Ebay
- how the GoHenry works and what it is
- inclusion of enabling small donations to charity
- From GoHenry’s Youth Economy Report 2019 collective UK pocket money is £4.5bn aged for children 6-18 of which £3.9bn spent – so children en masse are good at saving
- mental health, social media and online bullying
- young people rating themselves much more by comparing themselves to the online world
- how to pass information to children as they get older and hence are influenced by you less and less
- rules around phones and TVs in bedrooms
- the role of schools in the process – possibilities and limitations
- Louise’s experience as a school governor
- social media’s changes and political pressures upon them especially around blatant monopolisation and political bias
- data privacy and kids
- the slow journey towards “correct answers” to all these problems and the importance of having some ideas and some approaches along the way
- GoHenry launched in the US 1.5yrs ago
- 130ppl split Farnborough and Angel
- a shoutout for US partners
- how GoHenry got started and then got hundreds of thousands of clients – what worked for them
- digital kids as a forgotten part of the economy
And much much more 🙂
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