Ever handed your kids their allowance and never heard from them on where they spent it all? What parents believe their children spend their money on and what children actually buy may not always be completely aligned. However, as society moves towards cashless spending, parents can use new child-oriented accounts at their disposal to regain oversight of their kids' spending!
What are children spending on these days?
According to a survey conducted in 2016 by YoloPay and theAsianparent, the majority of parents give their children their allowances through cash and have trouble truly following where this money goes; only 7% ask their children to share receipts with them and 25% of parents get no information on how their children are spending their allowance.
This lack of transparency makes it hard for parents to track where their children are spending. While the study finds that parents believe that the most common spending categories for their children are food, stationery or school-related items and transport, it turns out that kids' budgets are going towards clothing, apparel and online gaming.
This last category in particular has been the source of spending catastrophes in some families!
Monitor your child, and that too, in a cashless way!
The days of children asking their parents for some loose change to buy something at the bakery or convenience store are behind us! These days, there are several money and budgeting apps that you can use to manage your overall household expenses, not just your child's.
Apps like JiPay offers better transparency and oversight on all expenses within your household. The JiPay app comes with a free prepaid Mastercard that you can pass to your child to spend anywhere that Mastercard is accepted. Every time your child spends, you get notified on your phone. The app also has an "Insights" tab that both you and your child can use to monitor their weekly and monthly spending habits.
How prepaid accounts like JiPay make your and your kid's life together
No digging through wallet/rushing to ATM to get cash for your child.
Instantly see when and where your child is spending.
Teach your child money management by tracking their spending and learning how to save.
Download JiPay for free today on the App Store and Google Play here.