Pocket money can be a controversial topic amongst families, as there are often contrasting views on how much money should be given to kids, how often it should be given and the best way to give it to them.
Recent research has found that younger parents (aged 25-34) are 3 times more likely than older parents (aged 45+) to give money to children using an additional card as part of a prepaid card account. But why is this the case? In this post, we take a closer look at the benefits of using prepaid cards for children and offer our tips on how to make sure your children are using their finances securely and safely.
Why get a prepaid card for children?
Whilst cash is convenient, it isn’t the safest way of giving your children their spends. Cash can easily get misplaced or stolen, which is why many parents are opting for prepaid pocket money cards for their children as an alternative. Read on to learn about some of the additional advantages you could benefit from, by getting an additional card as part of your icount account for your children.
Safe and secure
Similarly to other cards, you will need a chip and pin to use and access the funds on a prepaid card. This protects your money if the card is lost or stolen.
If you want to teach your kids how to budget, you can add your children as additional cardholders to your icount account to do just that. They can only spend what you load onto the card, therefore, teens will learn how to budget their pocket money until the card is topped up.
Can the icount prepaid Mastercard® be used for children?
Yes! With icount, you can add your children as additional cardholders, to give them their pocket money and to teach them the ways of money management. You must be aged at least 18 and over to apply for an icount card, however, you add up to 4 additional cardholders to your account, which can be used by kids aged 13 and over. This makes icount the perfect option for parents looking to reap the benefits of using prepaid cards for kids.
As well as the benefits above, you could also experience the following advantages by choosing icount for your children.
Instead of your kids repeatedly asking you for more cash, you can use the text alert feature to find out the balance and last transactions made on their prepaid card remotely. When the balance is running low, simply log in online to top up and provide extra cash to your kids.
Travel spending money
If you’re sending your teens off on their first group holiday, you can give them peace of mind that their cash will be safe with icount’s euro and dollar travel cards. This allows them to spend in the local currency without having to worry about carrying cash.
Monitor card purchases
Another worry of many parents who give pocket money, is wondering if their kids are spending money in the right places. With your children added to your icount account as additional cardholders, you can see where the card has been used and have peace of mind that it is being used responsibly.
Sign up for an icount current account with prepaid Mastercard® today!
Not only is the icount current account and prepaid Mastercard® great for providing your kid’s pocket money, it’s ideal for families on the whole! You can budget your household spending with ease and take control of your family’s finances.