Prepaid Debit Cards Could Help Kids Become Financially Savvy

Published on 1 January 1970 by Raffick Marday

A third of parents believe their children will be less equipped to deal with their finances than they are, a new survey shows.

A huge 94 percent of parents think financial education should be taught compulsorily at schools, with 35 percent saying that they do not think their children have a good understanding of the value of money.

A prepaid debit card for kidsis a good way for children to manage any money they earn to learn how to budget without getting into debt.

Only a third of parents in the Equifax report said they thought their children had a good grasp of the value of money.

A further 73 percent of parents believe that their parents’ attitudes towards budgeting and saving had influenced their own.

“Young people now live in a world where debt is a fact of life,” said Neil Munroe, Equifax external affairs director.

“This therefore makes it absolutely imperative that, as early as possible, young people understand how best to manage their finances.”

M&S Money recently revealed today’s youths are encouragingly keen to secure a part-time job while studying as 87 percent of teenagers claimed they would like a job by the time they reach 18 years old.

The survey showed 40 percent of children believe if they work at this stage of their life they are increasing their chances of getting a good job when they are older.

Prepaid Debit Cards for Kids

There is no need to provide credit history for purchase of a prepaid debit card as the user only uses the money they preload onto it, so under-18s can also use them.

It is a safe way for them to carry their money around, make online purchases and encourages them to spend within their means without the worry that they may become overdrawn in the process.

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