The new debit card is powered by an app which parents can log onto. Osper, the company behind the card, claims it teaches youngster how to manage their finances from an early age.
There is no overdraft facility on the app, and parents are able to lock or unlock the account if they wish to.
Mum-of-three Davina said: “There’s something about the app and the way it works and how simple it is that just feels safe.”
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‘To me, that’s really important as a mother. It’s teaching me to relax a bit when it comes to finances and my children.”
Critics have been quick to blast the new card, claiming that it’s turning youngsters into ‘mini consumers.’
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One parent wrote: “My under 12s find it very hard to grasp the value of cold hard cash. When their total stash after a birthday comes to £100, they can’t appreciate that it would take many hours’ work to earn that in a typical Saturday job.”
Another wrote: “I can’t think that making cash something invisible would improve things. It would be even less tangible to them.”
Would you get your children their own debit cards?