Helping your Teen Navigate the Maze of Money and Banking

In an era where online banking has become an integral part of our lives, discussions about financial literacy are buzzing. The term refers to the knowledge, skills and behaviours people possess to attain personal and financial well-being. 

If you have a teenager, now is the perfect time to guide them through the maze of financial matters, moulding a mindset that'll lead to wise financial decisions in the years ahead.

A first step is to get your teen their first bank card around the age of 15 and introduce them to the world of banking apps. The benefits they gain will accompany them well into adulthood. 

Becoming an online banking expert

With their own bank card and app, your child will quickly become a whiz at online banking transactions. After all, they are tech-savvy by default. They will learn to pay with the digital wallet on their smartphone or smartwatch and shop in-store at contactless POS or online at e-shops. 

These skills will prove useful in the future when, as an adult, they will have their own web banking and mobile banking to monitor and manage bank accounts, cards, payments and investment products.

Learning about responsible transactions

Which transactions are "responsible"? Those that are legal and lead us to sound money management. The ages 15-18 are the most suitable for your child to become money smart. 

Online transactions promote legality. Just think that transactions related to smuggling, illegal gambling, mafia activities or tax evasion are only conducted in cash. So, by using a card, your child will experience legality and transparency in transactions from an early age.

Additionally, with the banking app installed on their mobile, your child learns to manage their money and save. They can check their card balance, monitor their expenses and make informed decisions about their spending habits.

Becoming aware of security 

When your child was younger, they might have had a piggy bank in their room and a few coins in their pocket. Now that they are in their teenage years and manage more money, it might be unsafe for them to keep it at home or carry it on them. The safest solution is to have it in their digital wallet on their mobile.

Armed with their own card and banking app, your teen also gets into the habit of thinking about e-transaction security. They start to learn that they should never disclose their PIN and passwords, nor share any personal information. This knowledge prepares them on what to look out for so as not to fall victim to online fraud and how to avoid transactions on suspicious websites. 

myAlpha Vibe: Bridging generations

Now that you know the benefits, discover the modern and secure way to give your teen pocket money online with myAlpha Vibe. As long as your child is aged 15-18.

Through myAlpha Mobile, you can issue a digital prepaid card for your teen, easily loadable from your mobile. The child uses the card through the dedicated myAlpha Vibe app, to shop in Greece and abroad, even after they turn 18.