How to teach your child financial literacy

There is an opinion among experts that the basics of financial literacy should not be instilled in adulthood, but rather in childhood, because it is then that a young citizen begins to understand how money works. Modern free prepaid cards for children under 13 years old are profitable tools that help moms and dads in the question of how to teach a child financial literacy. At the same time, there is a reverse side of the coin – those parents who are afraid to order a Mastercard prepaid card for their children. In this article, Weststein uk service managers told what a bank card is for a child, why it is needed and why you should not be afraid to trust your child with financial transactions.

Children’s bank card: what you should know about it?

First, it should be clarified that children’s bank cards from 14 years old are payment media linked to the parent’s account, which are no different from ordinary debit and prepaid cards. That’s right, a bank card for children does not require the creation of an additional account, it can be obtained as part of an already opened parent account. In addition, fathers and mothers can regularly monitor the actions on this payment instrument, respond in a timely manner to the prevailing force majeure circumstances, and set spending limits. This is possible thanks to convenient Internet banking, which displays information about each monetary transaction.

Prepaid card for children: benefits

Returning to the issue of financial literacy, it should be emphasized that at first young family members do not know the value of money at all. Have you ever encountered a situation where a child asks for a toy or gadget that is too expensive? In such a case, you can say with certainty that it does this only from its external or functional qualities, but completely loses sight of the pricing policy.

That is why you need a debit card for children. With her, the child will begin to understand that money tends to run out, learn to save and save, and also rationalize expenses. He, like his parents, will have access to online banking, which will allow him to analyze spending and find “weak points”.

A virtual debit card, among other things, is also an extremely safe tool that will protect a student from hooligans or loss of funds. The most important thing is to explain to the child the basic rules of use and then you don’t have to worry.