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As children are now growing up in a world where money is mostly digital, cybersecurity has become a fundamental part of financial literacy. Unlike previous generations, their first experiences with money are not only piggy banks, but in-app purchases, gaming loot boxes, and prepaid cards connected to digital wallets. In Kaspersky’s “Digital Schoolbag: A Parent’s Guide for the School Year”, our experts share insights on how to teach kids to manage money responsibly and securely in the digital world.
Back-to-school season is not only about new books and uniforms, it’s also a crucial time to build healthy habits that will stay with children for life and help to avoid many problems. And real problems are not rare: 25% of parents participated in “Growing Up Online” survey admitted that they lost money because of their children’s online behavior, while 16% of respondents stated that their child’s device was infected with a virus.
According to Kaspersky, if kids aren’t aware of online risks, even strong financial literacy won’t protect them from phishing disguised as giveaways, fake in-game deals, sneaky subscription renewals, or identity theft. By integrating financial education with digital protection, parents can prepare their kids not only to manage money smartly, but also to defend themselves against the cyberthreats that come with it.
Helping children understand boundaries is the first step in building both financial discipline and digital awareness. Rather than micromanaging every purchase, introduce digital money literacy: explain how in-app purchases, microtransactions, or hidden fees can drain their balance if they’re not careful.
A safer and more educational alternative to cash is to introduce child-friendly bank cards or digital wallets that come with built-in parental controls. These tools let you set spending limits, receive instant purchase notifications, track transactions in real time, and even block certain categories like online marketplaces or gaming platforms. Banking apps and online stores can become targets for cybercriminals, so installing a cybersecurity solution that includes safe browsing and secure payment protection is essential.
As a parent, you can also help children with account security by enabling two-factor authentication (2FA) for every app that might be used for online purchases. Teach the basics of strong passwords: including at least 12 characters, avoiding names or birthdays and not reusing them across platforms. If possible, start using a password manager, which stores credentials securely and allows family access if something goes wrong.
One of the easiest ways for children to lose track of their spending is through subscriptions. Today, many games, learning tools, and streaming services use recurring payment models instead of one-time purchases. A child may sign up for a “free trial” without realizing it will automatically convert into a monthly charge once the trial period ends. Teach your child to always ask before starting a free trial, look for “auto-renew” settings and learn how to cancel them, and set calendar reminders for trial end dates.
“When we talk about financial literacy for children, we can’t stop at teaching them how to budget or save. Their money is already digital, which means their first financial decisions happen online: in games, apps, and digital wallets. Without cybersecurity awareness, those lessons remain incomplete. Helping kids recognize scams, protect their accounts, and use secure payment tools is just as important as teaching them the value of money itself,” says Andrey Sidenko, Lead web content analyst at Kaspersky.
Learn more and download “Kaspersky’s Digital Schoolbag: A Parent’s Guide for the School Year,” available in PDF format here.
