Here’s how Millennials teach their kids about money

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Logan lander

Digital banking has revolutionized the way consumers manage their money in the 21st century. Gone are the days of pinning $ 5 on the birthday girl or running to the ATM to let your friend borrow money. Peer-to-peer mobile payment applications have reduced the need for physical currency in transactions between ordinary people.

This has impacted the way parents pay allowances to their minor children, with many choosing to use prepaid debit cards or peer-to-peer payment platforms. However, banks and fintech companies have seen and responded to the need for a secure and creative way for parents to hand out stipends while teaching their children smart money skills.

Last year, Chase launched Chase First Banking, a no-charge checking account. It is designed for kids and helps parents teach money management through the Chase Mobile app.

Kids learn how to earn, save and spend money responsibly with the Chase mobile app and their own personal debit card. As mentioned above, your child’s card is managed and connected directly to their Chase First Banking account through the mobile app – parents remain in control but children have the freedom they need to learn.

Allowances can be earned by doing household chores, and parents have control over where and how much their children spend and save. Children can set savings goals and track their own progress. An example would be saving for a video game console or a new musical instrument. As a parent, you can also manage the types of purchases your children are allowed to make by blocking certain categories of spending.

“Having this account is like having a Financial Health Learning Permit: children can learn to manage their money and parents have the opportunity to guide their experience securely and in real time,” said Radhika Duggal , Managing Director, responsible for marketing and financial growth products. , JPMorgan Chase.


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