A penny earned is a penny spent | csmonitor.com
A Christian Science Monitor article explores some of the implications of Americans' savings rates dipping into negative territory for the first time since the Depression. One interesting tidbit is this quote:
We have lost a tactile sense of money," says Rakesh Gupta, associate dean of the School of Business at Adelphi University in Garden City, N.Y. "We're using plastic now. It doesn't seem like money. When we have a roll of money that gets smaller and smaller, we think about where we should spend it. Now that we can whip out a credit card or debit card, the pool of money seems endless.
Our 3-year-old already knows that Mommy and Daddy use "money cards" everywhere; she rarely sees us use cash. Is this necessarily a bad thing? Not necessarily. Her generation will receive their allowances on debit cards or on debit-like cards. There's a good chance that if kids' first exposure to plastic is with debit cards, then they won't see them as unlimited sources of cash like credit cards can be.
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This is pretty cool:
