An Android version of the Current smart debit card app was recently released on Google Play. This is great news for parents as it’s a way to help educate children on how to spend and save wisely.
What Is the Current App and Smart Debit Card and How Does it Work?
Current is a debit card for kids that parents can monitor through the associated app. Parents can track how their children are spending, saving, or giving. It’s a way for parents to help teach their kids at a young age better money management skills. If kids know that their parents are monitoring their spending they might also be less likely to spend money foolishly by avoiding unnecessary shopping sprees.
As a parent, instead of handing cash over to your kids, you can easily and privately transfer cash to their Current smart debit card. It’s a family friendly service that is aimed towards both parents and children. The account is split up into three different wallets: one for “Savings”, one for “Spending” and one for “Giving”. The “Giving” wallet is a way to teach your children how to donate to certain causes or charities whether local or national. As Current states, this is a way to help teach your children about empathy.
There’s no denying that society today is facing a major debt crisis on a scale like never before. This is great news for the banks that control credit, and not so good news for the individuals suffering from debt. Of course we can’t blame the banks completely, a lot of this also stems from lack of knowledge, education, and experience when it comes to money starting at an early age. The more we can educate our children on spending, saving, and the dangers of credit cards at an early age, the more financially secure they will most likely be later on in life.
Stuart Sopp, the company’s Founder & CEO states:
In this world of cheap and easy credit, where empty financial calories are consumed at the expense of long-term security, we are building a series of experiences and tools that make it safer to spend, easier to save, and faster to move your money.
Another cool feature of the Current mobile app is the ability for parents to setup automated allowance payments for their kids. Do you want your kids to complete certain tasks or chores around the home before receiving funds? If so, this app has the ability to do that too.