Tech Devices Can Teach Your Kids Money Management
Our kids may be computer whizzes, but chances are they’re not very financially savvy. Money management is an essential life skill, and one that’s not usually taught in school. But perhaps it should be; the consequences of not knowing how to manage money as an adult can lead to a host of money mistakes. Hence the introduction of device-based programs to teach kids about managing money.
One British start-up, Osper, has been offering a mobile banking service for children as young as eight that is designed so parents and children can work together to manage the child’s money. It uses the technology that kids understand so well and offers parents the security of oversight.
The service functions like a prepaid credit card: The child is the cardholder and he or she can use it to make purchases in-store, online, and for transactions at banking machines. Parents fund the card according to a budget they create with the child. An app helps them track spending, and parents can lock the card if it’s lost or stolen.
Bankaroo is a similar service and allows parents to keep track of their children’s earnings from chores and allowances, and to follow their spending. A multi-child family account permits money transfers and tracks the children’s individual financial goals. It’s available in different currencies and languages, as an app for iOS and Android, and for your desktop.
Good news: Bankaroo is now being offered in some North American schools. So tech-focused money management courses may soon be available at a school near you.