Name: From Apps to Accounts: Here’s Where Kids Are Storing Their Money
Uploaded: 2023-11-29T20:31:00Z
Duration: 8 min 52 s
Description: The New Money Rules for Kids: From payment apps to bank accounts, there are many places for kids to store their money. In the third episode of our series we explore what you should know about each of them. Photo: Thiago Prudencio/Zuma Press

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The New Money Rules for Kids: From payment apps to bank accounts, there are many places for kids to store their money. In the third episode of our series we explore what you should know about each of them. Photo: Thiago Prudencio/Zuma Press

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From Apps to Accounts: Here’s Where Kids Are Storing Their Money

Here's "Your Money Briefing" for Wednesday, November 29th. I'm Ariana Aspuru for the Wall Street Journal. This is the third installment of our series, the "New Money Rules for Kids." So far we've looked at how kids are learning about money online and how some kids are using social media to amplify their small businesses. Now comes a tough decision. Where should children keep their money? Nowadays it's a lot different than just keeping your cash under a mattress, and while things have changed quite a bit since those days, the importance of having a place to put your money remains the same. But with new tools like payment apps and online banking, how could a kid's first financial account set them up for success later on in life? Kids who have some money have lots of options for how to hold onto it. For starters, some of it might still be in cash. Even with so many online interactions with money, our family and tech columnist, Julie Jargon, says "Very young kids still get cash for birthdays, for doing chores and things like that."

But as they get older, kind of to the 10, 11, 12 age range is when they typically start using these apps. When they have phones or iPads where they can start keeping track of their chores.

We talked earlier in this series about how some people are concerned that paying with something like a card instead of cash can lead to overspending. But there's a flip side to consider. For one, it's easy to misplace cash.

If you give a kid, 30 bucks and you ask 'em a week later where it went, they probably won't be able to tell you where it went. Well, I don't know. I mean, if I'm the same way with cash, you spend it, it's gone. You forget where it even went. Whereas if you have a record of it, you can see and you can maybe feel a little guilty about the frivolous things that you spent money on, and you see that balance inching towards zero. It might make you pause.

This idea is kind of the opposite of what a lot of people think about when paying digitally, but there's some research to back it up. A recent study from Notre Dame found that people actually pay strategically with cash when they want to forget about a purchase and use a card to remember it. There are a few places where a kid might want to have their money in something other than cold, hard cash. We're gonna walk through a few of these options. First up, payment apps, just like the ones for grownups, Cash App, Venmo, you can send and receive money, hold a balance on the app, all connected to a bank account, both Cash App and Venmo give parents the option to track their child's activity on the app. Here's Julie again.

They actually have sponsored accounts now so that if you're a parent or a guardian, you can sponsor an account for anyone that's under the age of 17 and you have to be at least 13.

The account is linked to a bank account, but many times for a kid it can act like a digital wallet. They can see their balance and even use that money through a physical card they can sign up for through the app.

A lot of kids really like to have a card, a physical card. So even though they don't want physical cash, they still want something to hold a lot of times rather than just using their phone to swipe at a retailer.

With Cash App and Venmo, parents still have some oversight where they can monitor what their kid is doing in the app and flag it if something isn't right.

Parents can lock and unlock the their teen's debit card. They can monitor their account balances and they can receive notifications of activity that's happening on the debit card and through the app.

There are also financial apps that are specifically designed for kids. One of them is called step. It's an all-in banking service with a bank account, credit card and money management tools, and there's no fee for users.

Step is an app that's designed specifically to help kids learn money management. They have parental oversight, so a parent or guardian has to sponsor a minor account. They create their own separate account that they use to transfer money to their kids. The parents can view their kids' balance, add money, they can freeze the debit card if they need to. It's designed specifically for kids and it does go a step farther than a Cash app or Venmo.

These apps are designed to help kids practice safe spending habits, like rewarding them for meeting money goals. Step specifically also says it can help kids start building up a credit history. And there's another popular one called Greenlight, where parents pay monthly subscriptions from $5 to $15, depending on the features they want.

It works similar to some of the other apps in which, parents can send money, they can set debit card spending limits. They can even choose specific retailers if there's like, if they don't want their kids going to Starbucks, they can not include that on the list of places or they can freeze spending, they can do all those things, but they can also create lists of chores within the app and pay children for completing them. So that is where they kind of link work and earning money.

And then there's the option to open a bank account through financial institutions like Chase or Capital One. They offer youth accounts, meaning that they can be monitored by the parents, but these accounts can also include the option of having a spending limit or allowances automatically transferred into the account. And some parents opt for these accounts since they already have a relationship with that bank. To open a regular checking account, you need to be 18. But many banks offer youth accounts for kids as young as six. The account needs to be connected to an adult account, meaning parents can see the activity.

Kids, if you're listening to this, you know your parents are gonna be able to see what you put into the account and what you're gonna take outta the account.

That's Patrick Means he's a vice president and a branch manager for Charles Schwab in Texas. And he writes about personal finance for younger people through Schwab's money talk column. Patrick says he speaks to lots of parents and kids looking to make the best of their first bank accounts. So I asked him, should you have a checking account to use for a debit card and a savings account to keep money for later? So Patrick says, it's up to parents, but.

The benefit of having both is if you're gonna use the checking because you're gonna take money from it on a frequent basis, I would encourage you to have the savings because some savings account might limit the amount of withdrawals that you can make. And then you have the ability to transfer money out of the checking to the savings. So it feels like you really are putting it away.

So once you've got the app or the bank account, how much of your allowance or side gig or birthday money should you try to save there? Well, Patrick says, kids and adults can follow similar advice.

If you are someone who's getting allowance from your parents or you have a small job, I think that's great because now you're, you're having that money and you're saying, okay, here's what I'm getting every month. Maybe it's $25, $50, $100, and here's what I would like to maybe have this month as a new gift for me, but here's also what I want to put away and not spend. And so being able to make those choices as part of, we call it budgeting. It's really a great exercise to start early on, 'cause you're teaching yourself, hey, I shouldn't really spend more than what I'm bringing in.

So here's an example of how that can work out.

So typically, if you can put away out of every a dollar, you save 10 cents, 10%, you're doing pretty good, so we feel like that's a good benchmark, 10%. I'm gonna save this for a future date.

Next week we'll talk about how to keep your money safe and what kids need to know to start building healthy financial habits. And that's it for "Your Money Briefing," today's show was hosted and produced by me, Ariana Aspuru. It was mixed and scored by Jessica Fenton. Jonathan Sanders is our booking producer. Our supervising producer is Melanie Roy. Aisha Amisuine is our development producer. Scott Salloway and Chris Ziley are our deputy editors. Filano Patterson is the Wall Street Journal's head of News Audio. We'll be back tomorrow morning. Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 

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