A new Visa debit card for 8-16 years has just been launched by company PKTMNY.
Children can use the card to withdraw cash and to pay for goods at selected stores. It was developed by a group of parents who wanted to allow younger children to learn about and manage their money. The cards will only be able to be used in selected approved retailers including Hamleys, Zavvi and Superdry, and parents will have ultimate control over the card’s controls.
I feel a bit conflicted about this new card; as much as I appreciate that it’s important for young people to understand money management from a young age, the idea of an eight year old with a debit card is very strange to me. I believe that the best way to learn about money is by paying with real, tangible coins and cash.
Children have always wanted to play at being adults, but this just seems a bit much. An eight-year-old shouldn’t have to think about money and I don’t think it’s fair to make them worry about their finances – they’ll be doing enough of that when they grow up!
It’s important for children to learn life skills so that they don’t feel completely lost when they enter the adult world but I hope that they can retain some innocence and not think too much about money. It seems like this card is perfect for parents who can’t be bothered to go to the cash point to get their child’s pocket money!