Debit cards helps teens learn finances

. March 31, 2020.
greenlight

While financial independence is a first step toward adulthood, it’s still terrifying to think about handing a debit card over to a teenager. Greenlight, however, came up with a solution: they offer a debit card for kids that is monitored by parents through an app which provides teens and parents with two different experiences. Parents choose the stores, restaurants and websites where kids can spend their money and then receive real time notifications of the transactions their teenagers make. There’s also an option for kids to request money if an emergency occurs. A neat app feature, “Chores”,  allows parents to set up weekly or monthly allowances, which children receive once they complete the tasks as funds are dispersed to Give, Save, or Spend accounts. Family and friends can directly send birthday, holiday or graduation money through Greenlight. The app is affordable at $4.99 a month per family for up to five kids with the first month free as a trial.