5/30/2023 0 Comments A pocket money![]() ![]() ![]() ![]() Many come with apps the child can use to keep track of their spending and monitor their balance. The good news is that there are now a range of payment cards available for children as young as six which parents can top up with money. So what happens if you think your child is ready to make card payments earlier than this? But children generally have to be 11 years old before they can open a regular children’s current account. If your child has their own current account and their own payment card, it’s straightforward for parents to transfer pocket money or an allowance and for the child themselves to make contactless payments. “Getting your child a dedicated banking or money app to manage their finances is fast becoming the norm, and despite the nostalgia of putting physical money into a piggy bank, this is an exciting development,” says Michelle Stevens, banking specialist at Finder. And over 60% of children in the UK between the ages of 10 and 15 now use an app to manage their pocket money, according to data from Finder. Forget about children dropping coins through the slot of a piggy bank these days, a third of kids receive their pocket money as a money transfer rather than cash. ![]()
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