MSE Poll: At what age should kids get their own prepaid debit card or bank account?

MSE_Kit

Poll started 24 October 2023

A prepaid debit card or kids' bank account can be a good way to teach children about spending wisely while introducing them to the way most adults manage their money. Prepaid debit cards are typically available to youngsters from age six and bank accounts from around 11 – but we want to know from what age would you consider one of these for your kids?

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DigSunPap

I would say once they gain their independence at secondary school - so around 11. About the same time as I would let them have their first phone. Of course both would be regulated by the parents.

MoonbowDerby

I considered it younger, but I chose to do it with mine when they hit 13. It's both marks the step into the teen years and they tend to be doing a lot more with their friends without my involvement. 

It's also the youngest I could sign them up online without having to go in to the bank. I'll admit that influenced me a bit. 

I did consider it around the start of secondary as it is really useful to be able to send them money quickly, but I found with mine there was already so much of a jump in the differences with secondary, which for mine included a bus pass and lengthy commute, and getting a basic phone (no internet browser, few apps like maps), plus the new afterschool club activities that adding on a bank card on top of it seemed to be too much at once. 

jenniewb

Suprized by the graph results on this one! I was 6 when I first got given a bank account.

It was a child's bank account and it was designed for kids by Natwest. Every time we hit a milestone, we were gifted a piggy money box. I don't think I got further than the third or maybe the forth out of five or six possible piggies before I got too old, but it was legit my bank account and I was proud of saving up my birthday/Christmas saved coins (and notes!) I think I had about £150 before I was too old to be allowed to continue on as a "child" and get the remainder of the pigs in the collection.
I did keep saving though, Saturday jobs, saved up birthday or Christmas money (some times!) and used the funds to pay for my foundation degree at Art college when I hit 18. I was really proud to have spent it that way- possibly the best and most enjoyment I had out of any academic education and I loved every minute! 

But saving accounts aside (and I don't know if mine was, I don't remember it being difficult to use my money when I did want to other than needing to visit the branch but that's just how things were back in those days). But spending money these days is very difficult if you don't have at least a bank card if not contactless.
I can imagine kids being given coins and not being able to do much with them just because so many things are either online or card only.

Kids need to learn not just how to budget money and the value of money (and yes learning the hard way is still learning!) but also how to spend the money they do have and the psychology of that now is very different to how it was 20 or 30 years ago as you don't see the coins depleting in size like you used to. Learning that and how to understand money vanishing without seeing it physically vanish in the same way is in itself an important part of their education I think, because when they are adults they're going to need to understand that to manage their spending. Not every adult has a real comprehension of this and I really think that's because we were bought up spending coins rather than numerical data. Teach kids early, they will be better equipped to have a better grip on things as adults. 

a_car_person

I got mine when I was 13 as that was when I had a need for one (little point when all the money I had was £20 cash) . Definitely could’ve done it earlier but didn’t need the facility. At the time it was in the top children’s bank account but they slashed the rate and my rural location and lack of a passport meant it was hard to switch again.