Financial literacy is one of the most important skills to have in life, but it’s not really taught in schools. As a result, children and teens are often undereducated about money, and that effect ripples. By the time they become young adults, they’re forced to learn things on the fly while managing their money. However, Chase First Banking hopes to fix that.
As an add-on for Chase checking customers with the Chase app, the bank is rolling out a program designed to teach kids and teens about money. Chase First Banking just debuted and is available for anyone with kids older than 6.
What is Chase First Banking?
Chase already offers money management guides and advice to high schoolers, but the bank is expanding its resources for teens and kids.
First Banking creates a checking account for parents and children to share, plus a debit card. Through the Chase mobile app, parents can monitor and limit their children’s spending. For instance, parents can set in advance that kids are only allowed to spend $20 on any one purchase. Otherwise, the debit card functions normally. Kids can buy things, withdraw money at ATMs, and request additional money from parents.
Children can also set saving goals, and build up money to make a big purchase for themselves. Parents can transfer money directly to their kids’ goals, and track their children’s saving process. In addition, Chase First Banking has a $0 monthly service fee, so you and your kids won’t be losing any money along the way.
The goal is to help teach teens and kids important lessons about money through direct experience. First Banking can help kids and teens build and develop better money management skills at an early age. In addition to the First Banking platform, communication between family members is key to building financial literacy.
“Chase First Banking helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn,” according to the Chase site.