In an era where online banking has become an integral part of our lives, we increasingly talk about financial literacy. This term refers to the knowledge, skills and behaviours people possess to attain personal and financial well-being.
If you have a 10-18-year-old child, it's the right time to help them become familiar with financial matters and develop a healthy attitude that will guide them to make conscious financial decisions later in life.
A first step is for your child to get their first bank card and use a banking app for the first time. They will gain significant benefits that will accompany them even after reaching adulthood.
Getting accustomed to online banking
With their own bank card and app, your child will quickly become a whiz at online banking transactions. After all, they belong to the tech generation. 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 app 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. It is never too early for your child to become money smart.
Online transactions promote legality. Just think that transactions related to smuggling, illegal gambling, organised crime 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 decide whether their finances allow them to buy something or not.
Understanding 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 starting to grow up 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 own prepaid card.
With their own card and banking app, your child 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. Moreover, they discover 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 10-18.
Through your mobile app, you can issue a physical or a digital prepaid card for your child, easily loadable from your mobile. They can use it in Greece and abroad, even after they turn 18.
Find out how to activate and manage myAlpha Vibe and get answers to your questions about this unique programme from Alpha Bank.
