Today, budget management for adolescents is also an integral part of thedigital age. Pocket money in the form of notes and coins and incessant demands at the supermarket checkout will soon be a thing of the past. Were you waiting for your child to get a little older before putting a bank card in their hands? “ The earlier a child is confronted with budget management real, even limited, the sooner he will grasp the complex mechanics and adopt the right reflexes », Says Xavier Prin, director of marketing and communications at BoursoBank. Some banking offers are now adapted from the age of 10.
However, it is difficult to realize what you spend with a bank card, it remains virtual, since you have understood how to save by counting the coins and notes of your pocket money. “ Contrary to popular belief, the bank card – coupled with a mobile application – offers full awareness of the value of thingssince each transaction is subject to real-time notification and is immediately visible on the mobile applicationhe explains “.
Stay in control
Fortunately, modern banking apps are designed to maintain a vigilance at all times since the parent is directly integrated into the digital device. “ Autonomy does not exclude control since the parent retains a full visibility on all money inflows and outflows, directly from their customer area “.
Dashboard on which it is possible, depending on the banks, to modify a spending limit, block or unblock withdrawals or even cancel certain suspicious or inappropriate transactions. “ If a young person finds themselves short of funds at a store checkout, they can send an emergency push notification to their parents asking for moneydescribes Xavier Prin. In one click, the transfer is instantaneous, validated and credited in real time »
Learn to save
Speaking of savings, via applications linked to the teenager’s bank account, it is possible to add savings accounts (Booklet A, Youth Booklet). A good way toinitiate micropayments programmed a few euros per month to finance the next pair of sneakers or an outing with friends.
“ Viewing all of their accounts, from the current account to their interest-bearing savings accounts, allows young people to concretely understand the mechanism of interest and returns on capital », he recalls.
An economic identity
What about the fees? The prices are in the low forkranging from 0 to 6 euros per month, to allow banks to capture these future customers. But you still need to pay attention to one point: “ Many neo-banks actually offer simple sub-accounts linked to those of the parents”warns Xavier Prin.
To avoid this, you must opt for an offer with a IBAN and a nominative RIB in the name of the child. Practical for receiving transfers from grandparents… “ It is important that young people have their own banking identityhe emphasizes. Moreover, they have a somewhat demystified relationship with money, less sacred than previous generations. “.
