Tuesday, June 25, 2024

Teach kids money management skills, expert says

Almost HALF of parents concerned about their kids’ financial futures

UK’s most awarded personal finance startup, HyperJar, is offering a free pre-paid kids card that can be controlled via parents’ app

Key features:

  • Topped up and totally controlled by parents’ HyperJar app
  • Set spending limits and monitor transactions
  • Limit spending via the card to certain retailers
  • Kids have a real-time view of spending in their own version of the app
  • Card and app totally free to use 

As a result of the cost-of-living crisis and wider economic downturn, new research from money management app, HyperJar, has found that a staggering 45% of British parents believe their children will have a much tougher time financially than they have experienced. Not only that, but the unique study also uncovered that 15% of those surveyed admitted they’re not passing on positive personal finance skills to their kids. In light of this, HyperJar CEO and Founder, Mat Megens, stresses the importance of teaching children saving and budgeting skills from a young age, and giving them the necessary responsibility to do so. 

Traditionally, pocket money has been given to children in the form of a few pounds each week in cash, however, in an increasingly cashless society, this is becoming a redundant approach. The idea of providing a child with a debit card may also seem like a problematic option, but with HyperJar’s specialised pre-paid kids’ cards, any potential dangers are mitigated whilst empowering children to build autonomy over their money management from a young age. Firstly, the card is controlled by parents in their own HyperJar app, enabling them to top up any given amount, set spending limits, monitor transactions and even limit where money can be spent to certain retailers. 

Children also have their own version of the app, enabling them to have a real-time view of their spending. Their pocket money can also be segmented into any number of digital ‘Jars’, teaching them how to budget and save for various outgoings from an early age. Whilst most standard banks only offer kids’ cards from the age of 11 and above, HyperJar’s unique offering is available for children aged 6 plus. Crucially, for cash-strapped parents amidst the cost-of-living crisis, HyperJar’s Kids Card is completely free to order and use. 

What HyperJar can do to help Brits amidst the cost-of-living crisis
Taking inspiration from the simple saving mechanism of the jam jar, HyperJar provides a visually engaging saving app that empowers users to control their expenditure and reorder how they use their money. From nurturing sensible spending habits for children, to being rewarded for committing expenditure with household name retailers with a 4.8% annual growth rate, HyperJar’s digital Jars represent an easy method for managing personal finances. 

Helping Brits get in control again, HyperJar’s simple toolkit of clever tech puts us one step ahead, one jar at a time, helping our reaction to ‘money’ transform from being a trigger of fear, to a source of feeling in charge again. Whether it’s teaching your kids to budget their pocket money, putting a collective jar together to save for your summer holiday, or keeping track of how much you spend on the weekly supermarket shop, HyperJar is here to help you use your money in smarter ways. 

Sam Allcock
Sam Allcockhttps://www.abcmoney.co.uk
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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