Have you recently wondered whether it’s time to get your child a prepaid debit card instead of giving them cash? As society is noticing the cashless and digital spending increase, getting your child into this mentality of spending can have significant benefits from a younger age.
Due to age restrictions with bank accounts, younger children in particular may not be ready for a bank account and that is why a prepaid card is the perfect financial stepping stone to help them on their way and to begin making independent decisions about money.
Here are five signs that your child is ready to start their journey towards financial independence and confidence with their very own prepaid debit card.
1. They have handled money before or have an interest in money
If your child is starting to show a distinct interest in how much things cost or wanting to buy their own items, then it is the perfect time to introduce digital spending and their own independent prepaid card.
Plus setting them up a nimbl card, allows you as parents to have the visibility and ability to guide and teach spending habits!
2. They can keep track of their personal belongings
Having a prepaid card is a big responsibility and one that children should take seriously. If your child is frequently coming home with a lost coat or bag, they might not be ready for a prepaid card.
However, if they are confident with their own belongings then they can be ready for this new step.
The good news is we want to help keep your child's account as secure as possible and as such our nimbl accounts have a smart instant locking feature that secures the card in case it is misplaced, lost or stolen. This can be accessed via the nimbl app and helps to keep your child’s money safe at all times.
3. Your child wants to start making purchases by themselves
Is your child nagging at you for things they haven’t saved up for or additional purchases which are more than a 'need'? A great way to teach them about saving up for items they ‘want’ is getting them to do it themselves.
We’re not saying no to treating your children, however getting them to become responsible adults and learning the cost and time it takes to buy nice things can be instilled from an early age.
4. They start asking questions about your own debit card
If your child is wanting to know how a debit card works, where the money comes from and how it pays for items online and in-store then now is the time to introduce their own prepaid debit card.
They can delve into their own account management as well as experiencing things that as adults we may take for granted such as how to use Chip and Pin, Contactless and swiping our debit card strip.
It also helps to instill safe spending from an early age, such as covering their PIN, double checking the amount they are paying for and keeping receipts for all transactions.
5. Your child wants to start buying things which cost more than £5
Cash might be safe for your child in small quantities, but what happens when they have birthday money or want to start buying more expensive items...
Would you feel safe giving your child cash in large quantities, which they may lose or spend irresponsibly?
Through nimbl, it creates the safety blanket of spending, paired with real time app notifications you can keep track that your children are managing their money as they should be.
If these five signs sound familar, then why not try nimbl with our 1 month free trial today!