3 Debit Cards That Help Teach Kids Useful Money Habits
Written by
J. Arky
Edited by
Cory Dudak
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When it comes to money, it is never too early to learn how to use it wisely. During childhood, money can feel like a mystical resource that comes and goes, yet will probably always be available in some way. However, once adulthood hits, reality crashes down and, for some, the lesson is learned the hard way.
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Luckily, there are several different strategies for teaching your kids financial literacy with a hands-on approach. One of the best ways to do this is with a debit card equipped with features and tools for your child to learn how to best manage money on their own.
Here are three debit cards to get your child in order to teach them wise money habits.
Stockpile Teen Debit Card
The platform Stockpile used to just be a starting place for kids to learn about investing. Now, they’ve leveled up with a new Teen Debit Card. This card gives children the opportunity to understand how their cash flow operates by connecting real-word spending transactions to their account on the Stockpile app.
“Giving kids their own debit card isn’t just about spending, explained Victor Wang, CEO of Stockpile. “It’s about teaching them the full circle of financial responsibility. When kids see how saving, investing and spending all connect through their card and app, they learn how to make financial choices that set them up for long-term success.”
Chase First Banking
Your kids can learn all about personal finance and money management with the Chase First Banking card, a debit card that was designed with children in mind. However, you as the parent are in control of the lessons to be learned, including spending, saving and earning features that you can collaborate on as a family.
In the opinion of Adem Selita, co-founder of The Debt Relief Company, debit cards like this one are smart ways to help your child establish good money habits and prepare them for what is inevitably to come.
Selita added that debit cards “…are more difficult to manage than cash in a lot of ways because purchases have to be actively thought about and reconciled with mom and dad.” This lesson teaches kids to be more thoughtful and careful when it comes to what they spend their money on.
Acorns Early
R.J. Weiss is the CEO of the personal finance site The Ways to Wealth, and made his own list of the best debit cards to teach his kids financial literacy, eventually ranking Acorns Early as his top contender.
“Where Acorns really stood out for me was in long-term investing, which is what I care most about,” shared Weiss. “In a perfect world, my kids would be able to see the ups and downs of the market — but understand that not touching the money is what allows it to grow.”
The other feature that stood out to Weiss was that Acorns focuses on investing in low-cost ETFs instead of stocks, which aligns more with the behavior that Weiss wants to teach his kids when it comes to money management.
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Sources
- Stockpile: The debit card built for teens and kids.
- Victor Wang, Stockpile
- Chase First Banking: Debit Card for Kids and Teens
- Adem Selita, The Debt Relief Company
- R.J. Weiss, The Ways to Wealth
- Acorns Early Invest
