Teaching kids about financial responsibiity - prepaid cards Post Reply

[lovekidslovedogs]

This time of year is hard - wanting to shower our babies with gifts but also teach them the value of money and that other people have less. Thinking about prepaid credit card for my older one - anyone tried? https://www.culturewhisper.com/r/kids/h ... oney/12803

[Richard at Killik]

Dear Lovekidslovedogs

Another option you could look at is https://www.roostermoney.com/. It is a little different to the prepaid card options but can be used to discuss saving rather than/or in addition to spending. 

I manage the Killik & Co branch on the Northcote Road and we are always on the look out for ways to explain what we do. One idea we are keen explore is working with the next generation of savers and investors to explain the value of saving a little bit regularly and how powerful it can be over the long term. 

If you ever need any help explaining different financial concepts to your children please pop in and I'd be delighted to help if I can. 

Best Wishes and Merry Christmas

Richard 

[pkmang]

Depends how old they are. I just opened a child’s savings account for my 7 year old. From 11 he can have a proper account of his own.

There have been several FinTechs (GoHenry) comes to mind that have monthly fees but more control for parents to see what they are buying and an app etc. Or you could get a Monzo card for yourself, transfer very little money on it, and give it to your child for spending. I do this with my nieces when they come to London and occasionally with the au pair if she’s taking the kids out for the day to buy lunch etc.

My older one has an Apple Watch instead of a phone at the moment. When he needs it in the future I think I will load a card onto it for ApplePay so he can buy stuff when he’s out but also don’t have to worry about it being too expensive (£30 contactless limit) or him losing the card.

[Braintrainer]

Depends how old they are. I just opened a child’s savings account for my 7 year old. From 11 he can have a proper account of his own.

There have been several FinTechs (GoHenry) comes to mind that have monthly fees but more control for parents to see what they are buying and an app etc. Or you could get a Monzo card for yourself, transfer very little money on it, and give it to your child for spending. I do this with my nieces when they come to London and occasionally with the au pair if she’s taking the kids out for the day to buy lunch etc.

My older one has an Apple Watch instead of a phone at the moment. When he needs it in the future I think I will load a card onto it for ApplePay so he can buy stuff when he’s out but also don’t have to worry about it being too expensive (£30 contactless limit) or him losing the card.

That's interesting about the Apple Watch instead of a phone. What can he do on it without a phone? Do you have the 4G one? 

Regards,

Stuart
 

[pkmang]

Well, in truth you do need a phone to set it up properly. So I bought an old cracked screen one on ebay. But if you get the LTE/cellular model - it can work without having the phone nearby. So I keep it hidden at home.

On it's own the watch can receive and make calls, send text messages, use apple pay, and I can track his whereabouts using "Find my Friends".  I actually wanted to get him a Doki Watch which is designed to work as a stand alone device, but he thought it was "too kiddy". 

So - crazy as it sounds - it met my requirements to be able to track him and get a hold of him when I need to without the added complications of him being able to browse the internet or play games etc. and he was happy to wear it.

  

[Braintrainer]

Thanks, that's a great idea, and the reasons you'd want them to have a phone are covered; I think only EE offer this at moment in UK and their coverage is a bit flakey where we are, but maybe O2 will in the future.  

Stuart

[pkmang]

I’m using EE but Voda does it too now.