With more parents being aware of the financial literacy required to make wise use of their own cash, the Greenlight Debit card for kids is one of those examples where it is well worth investing in. While some parents might argue that they already offer their kids a variety of digital media, including iPhone apps, Nintendo Wii games and television programs, it can be argued that additional skills are important in preparing a young person for the real world. In this article we will explore how these lessons can be incorporated within the program.
A number of digital products have been introduced on the App Store which can assist in the development of digital skills in kids. For example, there are many savings accounts which allow a kid to build up his or her savings account by earning money with digital transactions rather than using banknotes. Such a feature might not seem immediately useful, but it definitely builds upon existing financial literacy skills that most kids possess. It's a very simple way to start building a savings account for the first time, and it can then be used later when necessary. As soon as the savings account is ready, the app merges with the digital environment, enabling the kids to make their first purchases in the app – either using cash or using their debit cards.
Another part of the financial literacy training involved with Greenlight debit cards for kids is teaching kids about balancing their books. In order to teach this valuable lesson, the app uses a type of balancing service. Kids can choose how much they want to pay each month on their cards by setting a spending limit on the app. The service provides a bill payment service on behalf of the parent, reducing the hassle involved in sending out individual bills to creditors. It might be useful for families with several kids to set a fixed amount for their monthly bills, and then the kids can choose from among their available cards to pay their balances off at any time.
The Financial Literacy Council, an industry watchdog organization, has been actively supporting the development of Greenlight Debit Cards for kids since 2021. According to the group, Greenlight “provides important functions that help children understand money, budgets, spending habits, and financial literacy.” The program allows kids to interact with financial literacy experts who are available 24 hours a day. They offer educational sessions and workshops, providing parents and kids with practical advice about money, saving, and spending.
Although many of the activities that kids will engage in on the debit cards for kids' website are similar to those found on other educational websites, Sheehan stressed that parents and kids need to think about some unique factors when planning lessons around Greenlight. She recommended that parents and kids take into consideration the difference between debit cards and gift cards. Gift cards are, by definition, rewards cards, while debit cards are “points” that can be converted. “You can also take things one step further and combine it with a savings account,” Sheehan said.
It's also important to look for certain features when choosing a greenlight debit card for kids: the ability to use the debit card to make purchases (with any major credit card), the ability to set up direct deposit, the ability to link with parent banking or financial services, the ability to make unlimited purchases in a specified amount, and the ability to make weekly and monthly payments. You may also want to consider a card with rewards programs, as well as those that offer free or inexpensive gas or travel rebates, according to Sheehan. The app offers both air miles and cash back for purchases. And as long as kids keep track of their spending, using a debit card for kids is a good way to teach responsibility.
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