New Chase First Banking Account Teaches Kids About Personal Finance
With financial education mostly lacking in public school systems, it’s often up to parents to instill good money habits in their children. Of course, complicating that goal is the fact that most of today’s transactions occur digitally, making it difficult for kids and teens to fully grasp some financial concepts. Now Chase has unveiled a new tool to help out. Created in collaboration with the FinTech Greenlight, Chase First Banking allows parents to teach their kids about earning money, saving, spending, and more.
Managing the Chase First Banking account is done via a series of different tabs. With the “Earn” tab, parents will not only be able to set up allowances but can also create a list of chores that need to be completed along with how much money the child will receive once each task is accomplished. Then, in the”Spend” tab, adults can dictate how much younger users are allowed to spend as well as what types of stores their debit card will work at. This tab is also where parents can manage alerts for when their children make purchases.
Meanwhile, the “Save” tab allows kids to work toward a money goal, which parents can then move funds from saving to spending. Finally, adults have the ability to toggle different features on and off, lock the First Banking debit card, and more
Chase First Banking is available exclusively to Chase retail deposit account customers. The new accounts are free to open and do not have monthly fees. Parents, adult family members, and legal guardians can set up Chase First Banking accounts using the Chase Mobile app.
Speaking to the importance of the Chase First Banking and the idea behind it, the head of the project Kavita Kamdar said in a statement, “Having this account is like having a financial health learner’s permit: kids can learn how to manage money, and parents have the ability to guide their experience safely and in real-time.” Additionally, Chase’s Head of Digital for Consumer & Community Banking Allison Beer pointed out, “Families are juggling so many more responsibilities today than ever before. To help, we’ve made it easy for parents to manage kids’ allowances, keep track of chores and teach important financial skills from within the Chase Mobile app.”
From the sounds of it, the Chase First Banking account could be a valuable tool when it comes to teaches kids financial literacy. While it’s not the only child-centric account on the market, it’s always encouraging to see new tools and ideas being presented that help with this important education. Hopefully this new account option will see success and regularly add features as financial technologies continue to evolve.