PHOENIX--(BUSINESS WIRE)--With nearly 20% of parents giving children ages 8-14 a credit card, it’s clear that a growing number of parents are feeling comfortable with their children having the means to make purchases on their own. According to the financial firm T. Rowe Price, 13% of 8- to 9-year-olds; 18% of 10- to 12-year-olds and 19% of 13- to 14-year-olds now have some kind of credit card.
Nearly double the number of kids with a card from 2015, no data can be found showing if the same percentage of kids are learning to manage such financial obligations. This is one of the many reasons why BusyKid is introducing the BusyKid Spend Card.
The BusyKid Spend Card is a reloadable VISA® prepaid card designed to help kids gain experience with a digitally deposited paycheck and spending using non-cash forms of payment. The BusyKid Spend Card allows kids to shop online or at a local retailer by swiping the card at checkout like a traditional credit or debit card after a parent has approved money being added to the card. It costs just $5 per child annually.
“Just giving a child a credit card without guidance or education is like telling a child to go fly a plane without lessons. It can be a very dangerous situation,” says BusyKid CEO Gregg Murset. “Our card may look like and be used like a credit card, but there are controls and limitations built in to encourage interaction between the parent and child. Our card also helps children learn good spending habits without amounting the kind of debt that comes with traditional credit cards.”
BusyKid is the first mobile website where children can earn, save, share, spend and invest real money. Constantly stressing basic financial principles, BusyKid features pre-loaded chores based on children’s ages, automatic weekly Pay Days, allowance allocation, instant parental text message approvals and quick money movement inside the platform.
Entire families can use BusyKid for $14.95 a year on an unlimited number of devices.
“The reality is most kids will grow up with a digitally deposited paycheck and a wallet that is full of plastic,” added Murset. “BusyKid gives parents an easy tool to teach financial basics instead of handing kids an obsolete piggy bank that gives them no experience with real-world money management.”
For more information about BusyKid, visit http://www.busykid.com.