Part of creating the independent thinking and leadership skills we want in our young people, is giving them the tools to manage ideas that may be new to them; one of them being money management. As any adult can tell you, managing your money properly is a crucial life skill. But for the younger set who may be just starting with an allowance or holding down a first-time job, the learning curve on things like savings, interest, and budgeting can be steep.
Gone are the days when cash was king for performing chores or moving a neighbor’s lawn and you’d be hard-pressed to find a piggy bank in the bedroom of a teen today. Generation Z is managing their money in new ways using prepaid and debit cards connected to apps, and that includes kids as young as six.
For some parents, the convenience these cards offer is the catalyst for getting one for their child; slipping your child cash every time they head to the local pizza place with their friends can be daunting and certainly difficult to track. For other parents, these cards can teach valuable lessons about compound interest and savings and motivate young people to hold on to their money to watch it grow. Some of these programs even allow kids to use their hard-earned cash to give back.
At CustomED we are all about using experiences and hands-on, real-world lessons to teach kids and help them become leaders. There can never be enough tools for learning.