Financial Education is now part of the National Curriculum in schools — but there are also more practical ways to teach children money skills and give them more independence!
With another September comes another school year with many parents breathing a sigh of relief and many young people excitedly embracing the new freedom given to them, such as walking to school alone and taking public transport.
Yet for many parents this is also a concern, as their young children leave the nest and head into the big wide world. This may be concerns about their safety, but also about them being self-reliant — paying for their own lunch, as well as buses and trains on the way to school each day.
In this blog we show how a Pockit can help
- Give you peace of mind that your child will always have the money they need.
- Help your child learn money skills to go with their new independence.
- Give them a way to earn some pocket money — at no cost to you!
The problems of cash
For many parents, ensuring their children have enough money each day is a simple matter of giving them the necessary cash in the morning for their tickets, food and any other expenses they might incur. Yet this also has three specific problems:
- Cash is easy to lose and can be stolen.
- Cash requires you to have cash, taken out in advance from an ATM.
- Cash is a fixed amount, leaving no extra for any emergency expenses.
Pockit is here to help
In most ways, Pockit works like a normal traditional current account — except everything is a bit easier, simpler and puts you in control of your money 24/7 from your mobile phone.
Extra benefits — additional cards
But there are also some key ‘extras’ that we have added to Pockit to help our customers do more with their money. For example, with a Pockit account, you can have up to 3 additional cards, each with its own balance or linked directly to your main account balance.
With a Pockit account, you can have up to 3 additional cards — for friends or family
Additional cards are great for school children — it is one of the main reasons we created the feature in the first place!
An additional Pockit card gives you peace of mind
- One card is a lot easier to keep track of than having a bunch of cash or a pocket full of coins
- Each Pockit card is protected by a secure PIN, making it much less attractive for thieves
- You can make instant transfers from your Pockit account to your child, in case of emergencies
- There is no need to plan and you can transfer enough money each day or each week to your child
As adding an additional card for a child costs only 99p and you can transfer money to their card as often as you like for free, it is a great low-cost way to make sure your child always has enough money when they go to school.
There are loads of other benefits of giving your child access to an Additional Card from Pockit. Teaching children about money, how to budget effectively and also a sense of responsibility when using money are key life skills. So it is great that they have even been added to the national curriculum.
But unfortunately, schools have not been given much help in terms of extra funding and resources to deliver this vital education to your child. Giving your child an Additional Card attached to your Pockit account is not only a great way to teach these skills at home, but it also gives them more independence.
With our £5 Refer a friend offer, if your child’s friends like their cool yellow Pockit card and the freedom it gives them, then you can even give your child a way to earn some extra pocket money — at no cost to you! All they have to do is give their unique referral link to their friends, and when they get their parents to open a Pockit account for them, then they both get £5.
It is really easy to add an additional card to your Pockit card that your child can use for their daily spending — or 2 or even 3!
All you need to do is:
- Login to your account on Pockit.com and find the ‘Additional Cards’ page using the menu at the top right of the page.
- Add in the details for your child, such as their name and date of birth (they must be over 13) and click submit.
- The 99p will be deducted instantly from your account and your child’s card will arrive in 2 working days, ready for them to use.
- To add money to their account, all you need to do is make a transfer from your main Pockit account, which is instant and free to do at any time.
So, if you want to help your child have some more independence while learning some vital life skills about money, while giving yourself some peace of mind when they are outside the house by themselves, then an Additional Card from Pockit is a great option!
-The Pockit Team
Pockit is a digital current account that makes money simple — you can sign up in 3 minutes online, or by downloading the Pockit app.