Raising money-smart kids in a cashless economy

Raising money-smart kids in a cashless economy

Basic financial skills for the digital age

Everyone might have a different relationship with money, but we can all agree that smart money habits help our bank accounts in the long run. Regardless of when you learned financial literacy on your own, it is important to impart that wisdom to your kids—and the kids in your life.

For generations, children had a variety of tried-and-true methods and currencies — piggy banks, allowances, paid household chores. Today, your child may barter good grades for more screen time and other rewards. But are those methods still valid?

As your younger ones grow older in an increasingly digital economy, cash and bartering exchanges might not be realistic preparation for adult life. Meanwhile, Americans continue to use debit cards to make purchases, and often manage their debit card accounts via mobile apps, adding convenience and control. These are the modern experiences teens understand.

A debit card is a great way to expose teens to the digital money experience that awaits them in the real world. Preparing them with essential financial lessons becomes much easier when you’re working in the digital space they already understand. One great option, commonly referred to as custodial accounts—where a primary accountholder can add a minor to an account, or in other cases, create a secondary account where the minor is a secondary account holder. The primary accountholder has visibility into spending patterns, creating “teachable moments” you can use to discuss budgeting, saving, and spending.

What to consider

Depending on your needs, different options are available. However, here are 3 things to consider when choosing the right account for your family needs:

  • What fees, if any, are associated with a primary account and secondary account?
  • What age can a debit card be issued?
  • How many secondary accountholders can you have?

With a Walmart MoneyCard account, a primary accountholder has the flexibility to add up to four additional family members, starting at age 13, with no additional fees. Commonly referred to as Family accounts1, each Family account comes with a personalized debit card that can be used anywhere Visa® or MasterCard® are accepted.

Family accounts, and all Walmart MoneyCard accounts, have a free mobile app, which is not only a great way manage your account, but also a great family tool for teaching and learning about money management.

A quick summary of Family accounts with Walmart MoneyCard:

  • You can add up to four additional members ages 13 and older. Each account gets its own card, so everyone can have a card with their own name on it. Each account can also use the app to check balances.
  • You can easily transfer money between accounts and track spending in real-time using the Walmart MoneyCard mobile app.
  • Since each family member can only spend what’s available on their own account, your ability to limit risk is built in, helping you create those safe, teachable moments.

Have a teen with a part-time job? They can have their pay deposited up to 2 days early2 directly to their Walmart MoneyCard account.

And best of all, when anyone shops with their Walmart MoneyCard at Walmart or Walmart.com they earn cash back3 — consider that a bonus you’ve earned for teaching your family valuable lessons in financial management.

Get started today by signing up for a Walmart MoneyCard. Once you’ve activated your personalized card, order Family accounts in the Walmart MoneyCard mobile app. Then you’re on your way to raising money-smart kids in a cashless economy.

Must be 18 or older to purchase a Walmart MoneyCard. Activation requires online access and identity verification (including SSN) to open an account. Mobile or email verification and mobile app are required to access all features.

Walmart MoneyCards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. And by Mastercard International Inc. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation.