At What Age Should Your Child Receive Their First Debit Card?
Teaching your child the basics of saving at a young age is a great way to prepare them for the future. It can be as simple as utilizing a piggy bank to stash a few coins in weekly. As they become teenagers, they will want to start spending that money. With today’s technology, carrying around a bunch of change is not very convenient. You’ll have to ask yourself, is it time for your child to get a debit card?
Convenience for Everyone
Does your teenager need money for lunch at school, after school activities, clothing, or in case of an emergency? These potential weekly expenses can add up to a lot of cash. If your teenager had a debit card, you wouldn’t have to worry about giving them cash on their way out the door for school. What if you forget, or it’s lost or stolen? A debit card provides more convenience for you and your teen.
Provides a Learning Experience
One of the advantages of your teen having a debit card is it provides them with an avenue for financial literacy. Paying with a card can make money seem intangible, but having your teen track their account through online banking will teach them how to manage their money.
Safeguarding Your Information
Your teen will learn the importance of keeping their debit card safe when out in public and at home by making sure their card isn’t left out to be taken or for the numbers to be copied, or ensuring that they make purchases from reputable online sites. Although, no form of payment is truly considered “safe”, a debit card is a safer way for your teen to make purchases. If your teen realizes that their card was left somewhere, use Card Controls & Alerts to turn off the card.
There’s no specific age as to when your child should receive their first debit card. It comes down to how responsible the child it and the needs of the family. It may be scary to think that your teen is old enough to manage money, but it’s a great stepping stone and learning opportunity for their future growth. Is your teen between the ages of 16 and 18? Stop into any Pioneer branch today to speak to a representative about opening an account for your child or adding them to your account.
The material provided on this website is intended for informational purposes only. Links to other web sites are provided for reference and do not constitute a referral or endorsement by Pioneer or its affiliates. Please note that such material is not updated regularly and that some of the information may not be current. It is recommended that you consult with a financial professional for assistance regarding the information contained herein.