Do Kids Need Debit Cards?

“We are trying to bridge the knowledge gap so that we can bridge the wealth gap...I really believe that if every kid out there just has a debit card, we’re creating the same problems we’ve had in America for the last 100 years.” Tanya Van Court, founder of Goalsetter

In a recent article New York Times article titled, They Want to Hand Your Kid A Debit Card. What Do You Do? Van Court made a VERY valid point, "a debit card is NOT enough when it comes to teaching kids about money and how it works".

I do like that debit cards like Goalsetter, Greenlight, Step, Copper Financial, and FamZoo give students the opportunity to spend and manage their funds so they can learn by doing.

In education, we constantly preach that students should have 'real world' opportunities to learn, and a parent monitored card is a great tool as long as the teaching and learning are also connected to this.

At Seedlyng Financial Education we are always looking for ways for our students to be able to apply what they have learned in a safe environment so they can learn from their mistakes. It's not always easy to find good options.

The article's author, Ron Lieber, suggested families focus on these factors when it comes to choosing the RIGHT card for their family:

💳Choose the card that will allow you to check in the most with your kids

🤔Think about what financial behaviors you wish to encourage — or change?

✔Make sure the card is aligned with your own personal finance philosophies

There are many options out there, so choose wisely!

In the meantime, our team at Seedlyng Financial Education will be working with your kiddos in the classroom so they can have an educated conversation with mom and dad about the BEST card for him or herself.

Visit HERE to enroll your school, bank, or nonprofit in one of our financial education programs!