CREDIT CARDS
Prepaid Credit Cards Allow Young to Save Online
Youths are increasingly eager to secure a part-time job while studying at school research reveals.
If you are under 18 years old and have a small income a good way to manage your money and benefit from many online discounts that require card payments is to take out a prepaid credit card.
M&S Money showed today’s under-18s believe that working before they leave education will increase their chances of getting a good job when they are older with 40 percent surveyed agreeing.
A further 72 percent of tweens – 8-12 year olds - and 87 percent of teenagers were found to ideally like to have a part-time job by the age of 18.
While one in four eight to 13 year olds and a third of 14-18 year olds do chores around the house to earn regular pocket money, 55 percent of 16-18 year olds who have tried to get a part time job in the past six months have failed to find one, reflecting the tough job market currently for young people.
“We are impressed to see that 80 percent of today’s tweens and teens are keen to earn their own money and get a part-time job before they turn 18 years old,” said Amanda Newman, M&S Money marketing head.
“While focus on academic success is important, a part-time job can teach young people important life skills such as how to conduct themselves in a professional environment, a sense of responsibility and how to manage their own money.”
Financial independence is at the top of the youths’ list for obtaining a job with 62 percent of tweens and 65 percent of teens aspiring to the feeling of earning their own money.
The top money earning jobs for 29 percent of young people was an allowance dependent on chores; for 12 percent working in a shop or restaurant; 9 percent do odd jobs around the house; 7 percent a paper round and 6 percent babysitting.
Compare Prepaid Credit Cards for Under-18s
A great way for working teenagers to ensure they manage their money instead of blowing it all in one go is to use a prepaid credit card for which there are providers who supply them to children.
Instead of borrowing money this type of card holds funds from which the user transfers their money onto so they do not spend more than what is on the card ensuring they save some of their earnings.
Some providers do not even require the customer to have a bank account, and credit checks are not required.
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