What do you think of providing teenagers with debit cards?

Question

I think it is okay to allow them to have a debit card, as long as the money is added a little at a time, and as long as your child is responsible.

My recommended age is 14-16. What do you think?

Answer 1

I think it is a good alternative to just giving cash, since this way you can actually keep track of what your kids are doing with your money.

Answer 2

pre paid debit cards are the way to go to teach responsibility....the problem with most adults today is noone ever taught them to be responsible with money and with credit ....they figure if it goes on a card i can have it now but never think they have to pay it later...giving a teen a debit card is something the parents and the child should do together as a team and frequently monitor the spending habits of the teen and decide if they are being responsible with money or what changes need to be made to their spending habits to one day make them a financially responsible adult.

Answer 3

I'm in favor of it for the most part. I received my own independent checking account / card when I was 15 years old. Debit cards are a great way to teach teenagers about the responsibilities of money without sacraficing their creditworthiness.

Answer 4

I think you're right, as long as the teenager understands that there will be only a certain amount of money available on a set schedule. It can be an excellent teaching tool if you let them access their allowance this way. If it's their money, and they know they have to make it last, they won't take it for granted. Most young people have no practice at controlling their spending, and this will show them how, as long as you let them know what the limits are.

Answer 5

It's cool. you should try pre-paid debit cards first. That way they can't go over the limit and over draw. You can keep track of there spending. And they learn responsibility. It's also good to keep them away from drugs. Because most drug dealers don't take debit cards. try www.simongiftcard.com They are good. And they are taken everywhere that you can use a visa.

Answer 6

maximum banks won't open an account for minors, inspite of a discern or mum or dad on the account. i could advise which you flow to a sort of mega marts and purchase a preloaded debit card. That way you are able to no longer get into any hassle.

Answer 7

I think it is a great idea, but only if the parent has been and continues to take an active role in teaching financing to their kids.

If more parents would teach kids about the everyday average financial responsibility, those kids would not be so ill prepared when they are on their own.

Answer 8

That is a great way to teach a kid to become a financially responsible adult! Especially if you control the cash that's in the account.

Answer 9

bad idea. most teens dont have jobs. plus, when u turn 18 u can open your own bank account, so just wait. and, money is added a little at a time? what like ur parents give u money? ... get a job. if ur not 16, dont complain. jobs suck.

Answer 10

There's an interesting article called "should you drive your teen into debit" at the following site:

http://www.fool.com/news/commentary/2004/commentary04092804.htm