A prepaid card is a great tool for teaching essential money management skills to kids under 13. Why?
- It’s safer than cash in a piggy bank;
- It’s widely accepted in stores and online;
- It automatically tracks transactions; and
- It introduces your child to modern banking and personal finance concepts.
Why start all this before the age of 13? A recent Cambridge study concluded that many money habits are set by age 7. Yikes!
“Wait a minute,” you say. “Don’t kids have to be at least 13 to get a prepaid debit card?”
Yes, that certainly seems to be the norm.
So how do kids under 13 get a hold of a prepaid card?
They don’t. You do.
Here’s how you can teach your pre-teen good money habits with a prepaid card: