Creating an electronic wallet – a method of financial education
Experts say that modern children grow up much earlier than ten years ago. In addition, at the same time, it is worth noting that they are developing rapidly not only in physiological terms, but also socially. Therefore, modern children from an early age parents are taught to value money and independently manage finances. In addition, for the holidays they are presented now not with toys, but with their own bankcards. Here the question arises that financial institutions are ready to offer the modern young generation.
According to the survey of analysts, more than 80% of adolescents aged 14 to 17 years have their own pocket money. At the same time, 38% of them keep funds in electronic wallets, and 42% have their own credit cards at their disposal. In addition, according to the study, the bulk of the spending of the young stratum of the population is spent on entertainment and food.
Now adolescents have a deeper knowledge in the field of digital technologies, experts from the banking industry say. However, most parents believe that children should receive full financial freedom only after the age of 18. In addition, in terms of money, Russian parents see their goal in teaching young citizens to use money wisely, as well as save it for more valuable purchases. To solve the problems posed, banks offer ordinary debit cards, as well as special applications with which you can pay out pocket money to children.
Creating an electronic wallet in Europe
Now in Europe there are a huge number of financial startups that are aimed precisely at the attitude of children to money. Thus, the American organization Greenlight issued more than 100 thousand cards intended for children. The essence of this project was that the parent chooses the places where the child can pay with a card. In addition, at the time of purchase, parents receive an alert with the name of the product and its price, the purchase of which they must approve.
In addition, the interesting solution was application Pennybox, which allows to set specific goals for the child, and then reward him financially. Therefore, in the interactive mode, children learn to achieve their goals.
It is precisely on such projects that modern Russian banks are oriented. After all, their responsibilities include not only the financial services of the young client, but also the training of the younger generation of a competent attitude to money. How does Sberbank do this in its application, where it not only allows children to use the card, but also provides a number of educational videos on how to make and spend money?
It is possible to set up a virtual Bankaroo bank, where real money is not used, but the child can keep records of their expenses and set financial goals.
Financial technologies enable parents to monitor their children’s expenses in real time. Children, in turn, receive the money management skills they will need in the future.