Roll up. Roll up. Get 'em while they're young

JulieW · Jan 11, 2013

http://www.dailymail.co.uk/news/art...-old-cash-card-But-want-taking-money-ATM.html

The people in the queue for the cashpoint smiled indulgently as my four-year-old slotted his new debit card into the ATM, tapped in his pin number and grabbed the 10 note that came out.

A second later, their smiles froze. As his older sister Isobel reached out to take Christian's receipt from the machine, he leapt on her in a fury and wrestled her to the ground.

You see, using a debit card with his very own name embossed on it to withdraw money from a hole-in-the-wall machine is the most grown-up thing he has ever done. And his sister, justly reasoning that even on tiptoes he was too short to reach for the receipt, had ruined his moment.

Proof, perhaps, that he's not quite ready for this giant leap into the adult world.

Christian, eight-year-old Isobel and my 11-year-old son Daniel are among the first children in the country to apply for and be issued with debit cards, launched by Visa and the payment service PKTMNY (an abbreviation of 'pocket money').

The scheme, devised by a group of mothers and fathers who met at the school gates, has been set up so parents can take control, albeit remotely, of their children's spending habits.

My children's accounts are in my name: I pay money into them from my current account as an occasional lump sum or a weekly pocket money allowance.

Then I set limits on how much they are allowed to withdraw from a cashpoint or spend in shops and online each week.

The launch of the card last month, with a target market of eight to 16-year-olds, sparked controversy. Critics, among them Justin Modray, founder of the advice website Candid Money, argued that such cards could lead to children getting hooked on credit.

He warned: 'Parents might not want their children to get used to spending on plastic, in case they migrate to credit cards when they are older.

'And while cards will allow children to shop online, most parents want to keep a tight rein on what their children are up to on the internet.'
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and teaching new shopping habits too!

Only Daniel, 11, was unfazed by the responsibility of plastic money though his spending habits might suggest that he's not quite ready for it, either.

Walking home from school one afternoon, he called in at the local Costcutter and bought a round of Double Deckers, Haribo and Quavers for his friends, making sure they chose enough sugary junk to meet the minimum 5 spend.

When the shopkeeper asked if he had enough money to pay for so many sweets, Daniel asked 'Do you take Visa?', proudly slapping his bank card on the counter as his mates giggled behind him.

Incredulous, the shopkeeper asked suspiciously: 'Is that your card?'

Daniel explained PKTMNY to him, then breathed a sigh of relief when the chip and pin actually worked.
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and to think I put threepence in my State Savings Bank school saver account every Wednesday and marvelled as the total increased, and then, wonder of wonders, received FREE MONEY when the interest was added.

PKTMNY's founders argue that it's high time young children kept pace with the modern world, where few people carry hard currency. In their view, it is never too early to get to grips with chip and pin.

Dr Elizabeth Kilbey, a psychologist appointed to advise on the project, says: 'When I was a child, my mum carried cash and I saw her hand over notes and get change.

'Children don't see that so much any more because adults mostly pay by card. It's important for children to be able to see and understand the mechanics of what's happening so, on the website, we have images of coins going in or out of a purse, representing cash being credited or debited from their accounts.'

PKTMNY is a company, not a bank, however, and its service is not free. There is a one-off fee of 5 per family to join, then a monthly fee of 1 per child for the online service, including the account and debit card.
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Sourceaily Mail

And watch the VIDEO for more benefits.
http://www.dailymail.co.uk/news/art...-old-cash-card-But-want-taking-money-ATM.html

Au-mageddon · Jan 11, 2013

.... spend wisely .... NOT

bordsilver · Jan 11, 2013

The scheme, devised by a group of mothers and fathers who met at the school gates, has been set up so parents can take control, albeit remotely, of their children's spending habits.
My children's accounts are in my name: I pay money into them from my current account as an occasional lump sum or a weekly pocket money allowance.

Then I set limits on how much they are allowed to withdraw from a cashpoint or spend in shops and online each week.
Click to expand...

We set the limit by giving them cash and when they've run out they've run out. When I was old enough I had to get a part-time job to spend more than my allowance. Seriously.

boneyard · Jan 11, 2013

My 20 yr old daughter refuses to do Internet banking.

Human bank teller gave her the words about how it is best.

Daughter told teller she would rather deal with humans.

Daughter still needs some fine tuning to reality of
modern society & fiat .

Gently, gently.

AngloSaxon · Jan 11, 2013

Been a while since I was there but do UK ATM cards on personal accounts still have the 100-250 Pound cheque quarantee? And automatic overdraft to about 500?

I don't think I'm exagerating when I recall meeting about dozen people in my travels there who got into bad debt with those two features on their account. And some were 5+ years into paying off their problems with no end in sight.

And then this article. Get em while they're young indeed.

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Roll up. Roll up. Get 'em while they're young

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Roll up. Roll up. Get 'em while they're young

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