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Lesko Financial: Cashless Monopoly

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VESTAL, N.Y. -

Transcript of Thursday's July 9, 2019 Lesko Financial segment that aired on Fox 40 News at 6.

BRI:
AN ICONIC GAME UNDERWENT A TRANSFORMATION RECENTLY, AND GREG LESKO OF LESKO FINANCIAL SAYS IT’S A SIGN OF THE TIMES. GREG…

GREG:
THANKS, BRI. THIS MONTH HASBRO INTRODUCED THE LATEST VERSION OF THE GAME MONOPOLY--AND IT’S COMPLETELY CASH-FREE. GONE IS THE COLORFUL PAPER MONEY HELPING KIDS LEARN ABOUT DIFFERENT DENOMINATIONS. GONE ARE THE CARDS TELLING PLAYERS WHAT TO DO IN EACH MOVE. INSTEAD, PLAYERS USE CREDIT TO MAKE ALL TRANSACTIONS AND GET THEIR DIRECTIONS FROM AN ELECTRONIC TOP HAT--AT LEAST THEY KEPT THE HAT. THIS NEW MONOPOLY WAS DESIGNED TO REFLECT OUR INCREASINGLY CASHLESS SOCIETY. BUT THE CHANGE HAS SOME CONSUMER AND PARENT GROUPS WORRIED.

BRI:
WHAT ARE THE CRITICS’ CONCERNS?

GREG:
ONE IS, THAT IN A WORLD WHERE FINANCIAL LITERACY EDUCATION IS TOO RARE, CHILDREN WHO ONLY PLAY THE NEW VERSION WON’T LEARN HOW TO HANDLE AND MANAGE CASH. ALSO, STUDIES SHOW THAT CONSUMERS WHO USE CREDIT INSTEAD OF CASH ARE MORE LIKELY TO OVERSPEND OR GIVE IN TO IMPULSE BUYS. ONE CRITIC POINTED OUT THAT IN THE OLD VERSION, WHEN YOU RAN OUT OF CASH, YOU WENT BANKRUPT AND LOST THE GAME. HE WONDERED IF THE NEW VERSION MIGHT BE TEACHING PLAYERS TO GET REALLY GOOD AT LEVERAGING THEIR CREDIT INSTEAD.

BRI:
BUT CHILDREN DO FACE A WORLD THAT IS BECOMING CASHLESS.

GREG:
AND LEARNING TO NAVIGATE THAT CAN BE VALUABLE. EDUCATION EXPERTS ALSO NOTE THAT CHILDREN LEARN MONEY HABITS FROM THEIR PARENTS—NOT A GAME. AND STUDIES ALSO SHOW THAT THOSE WHO WIN AT MONOPOLY END UP MANAGING THEIR FINANCES BETTER THAN THOSE WHO LOSE. SO, DILIGENT PARENTS CAN USE EITHER THE NEW OR OLD VERSION AS A “TEACHABLE” EXPERIENCE--AND MAYBE HELP THEIR KIDS SUCCEED FINANCIALLY.