Personal Blogs
In my boarding school, Sainik School, we were provided with coupon money (paper printed), which we could exchange at the school canteen for snacks and other items.
The real currency or notes we received from our parents or from NCC were deposited in the bank (SBI at that time).
To withdraw, on designated days after lunch, we would visit the bank, stand in line with withdrawal slips and bank passbooks, and wait to obtain a metal token.
After a further wait, the teller would announce the token number, and only then could we finally collect the actual currency. This currency was used for making purchases during our book-outs, which typically occurred on certain Sundays.
While the process was lengthy and laborious, it instilled valuable lessons in us:
In today’s digital age, it’s uncertain if our children will experience these aspects. The convenience of UPI and digital currencies may eliminate the need for such lessons, for better or worse.
By the way, there is a concept known as Financial Abstraction which is well
explained in the TED video titled When Money Isn’t Real by Adam Carroll. It
refers to the idea that as money becomes increasingly abstract and less
tangible, it can alter our everyday interactions with it.
Encourage your children to handle physical money and gain early experiences with it. This can contribute to a brighter future by laying the groundwork for financial success. Providing them the opportunity to work with actual currency helps develop a deeper understanding of its value and teaches essential financial skills from an early age.