Latest news with #kidsfinance
Forbes
13-05-2025
- Business
- Forbes
Best Debit Cards For Kids And Teens In 2025
Learn More N/A Earn 1.00% to 5.00% in savings rewards $5.99 to $14.98 per family Learn More On Current's Website View Product Disclosures. Learn More $5/mo for 1 kid and $10/mo for 2-4 kids $0 (requires parent account) Parents can control their kid's debit card/bank account in several ways. Track and monitor balances Set spending limits Temporarily lock card Receive account notifications and alerts Set chores and allowance Opening a debit card for your child or teenager can offer many benefits. For one, having their own debit card helps children understand how to be a responsible spender (and saver) from an early age. Many kid's debit cards come with accounts that let parents set up chores and allowances and also offer financial literacy tools to teach kids how to manage their money. By having a bank account and debit card, children can begin to understand the value of money, as well as the importance of saving to achieve specific goals. Plus, you won't have to worry about your kid saving a stack of cash and potentially losing it—or having to struggle to keep track of how much allowance they have saved. There are plenty of free options for debit cards for kids. From the list above, neither Current nor Revolut <18 debit cards carry subscription fees. Popular banks such as Capital One, Chase and Axos and credit unions like Connexus and Alliant also offer free debit cards and checking accounts for kids. Once you've found the right debit card for your kid or teen, you'll need the following information to apply. Name Phone number Home address Date of birth Social Security number Government-issued ID (such as a driver's license) Child's information Child's birth certificate (if required) To set up the account, you'll follow these steps: Download the mobile app Add your child as a user or invite them to use the app Let them choose a debit card design (if offered) Fund your account and start transferring money to your child's account Debit cards can be a valuable tool for teaching kids about finance through hands-on experience. If you want your kid or teen to understand the importance of saving money and spending responsibly, opening their own debit card can be a wise decision. Most kids and teen debit card accounts offer financial literacy tools in-app, as well as chore and allowance features and the ability to set savings goals. Plus, with most kids' debit cards, parents have complete control and can set up spending limits, monitor balances, receive notifications and even lock cards entirely. Neither Current nor Revolut <18 debit cards carry subscription fees. However, cards may carry other standard banking fees, such as foreign transaction fees or transfer fees.
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Solomoni app teaches Hong Kong students to manage money with prepaid Visa cards
A social enterprise is teaching kids about money management by giving them prepaid cards. Solomoni is a free financial education app that comes with Hong Kong's first Visa card for children. It was designed for children from six to 18 years old. The card and app allow parents and young users to monitor expenses and set savings goals. The app was developed through a social enterprise project under Solomon Learning Group. It aims to teach young people how to understand money and make sound financial choices. Yeung Tsz-yu from Maryknoll Convent School (Primary Section) appreciated how the app tracks her spending: 'It helps me monitor my spending patterns and see where I need to adjust,' she said. Solomoni was piloted in 15 schools in 2023, reaching nearly 1,000 students and parents. It offers features that families can use together, such as earning money through tasks, setting savings goals and tracking spending. The cards are stored-value and can only be used when the account has money. This teaches children to spend only what they have. Encouraging good habits The social enterprise behind Solomoni also has a series of online lessons about money management skills. 'Earning money helps children understand that ... hard work is necessary and that they must take responsibility,' Alison Chan said. She is the co-founder of Solomon Learning Group. She also stressed the importance of donating to charities, a practice that is encouraged on the app. 'Donation is crucial because it fosters compassion and empathy – qualities that are essential in great leaders,' Chan said. Learning how to save money is a great skill to practise. Photo: Shutterstock New way of spending Sylvia Chan May-kuen is the principal of Ying Wa Primary School. She said financial education was especially important in today's digital world. 'We used to handle cash, calculate change, and physically save money. But now, with digital payments, a moment of impulse can lead to an instant purchase,' Chan said. Students were excited about the lessons they could learn from the app. 'I'm most interested in learning how to evaluate whether a purchase is worth it – comparing cost and benefits,' said Jayden Wong Ban-yin, 11, a Primary Six student at Ying Wa Primary School. His classmate Karston Chan Hin-wang, 12, had similar ideas. 'I don't usually spend much unless it's something essential,' he said. Karston believed learning financial education skills at a young age would benefit children. 'Eventually, we won't be relying on our parents to pay for everything,' he said. 'Since we'll need these skills sooner or later, why not learn them early and adapt to managing money independently?'
