Danske Bank has released a parent-controlled pocket money app and card for 8-12 year olds.
Using the tool, kids can see when their pocket money is paid into their account and how their savings develop, while parents can use their mobile banking app to transfer money and keep an eye on their child’s spending. Children can use the pocket money card to withdraw cash from an ATM or for spending in stores and online.
Thomas Mitchell, head of personal banking Denmark at Danske Bank, says: “Many of our customers have requested an easier way of handling pocket money. Parents want to transfer money digitally and to monitor their children’s spending. Many also look for a tool that allows their children to check their pocket money in the bank and to spend the money in the real world. We have developed a user-friendly app and a pocket money card, so that children can safely practice managing their finances, with the parents watching from the sidelines.”
A YouGov survey of 1000 parents commissioned by the bank found that one-in-two primarily give their children pocket money to make them financially responsible or to teach them that you must work in return for a financial reward.
“As a bank, we want to help make children financially responsible, so that they develop a good sense of finances, hopefully enabling them to make healthy financial decisions later in life," says Mitchell. "We think Pocket Money is a good opportunity to begin the important conversation about the value of money and the importance of saving.”