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A start-up that focuses on teaching under 18s how to handle money

A start-up that focuses on teaching under 18s how to handle money
Thursday, 11 May 2017

Using a pre-paid debit card, in the UK Osper [1] is encouraging parents to teach their kids, 8 to 18 years-old, about how to manage money. The company is orientated towards this positive learning process that comes with having the responsibility of having to budget. The card can never been overdrawn and parents have access to all purchases made.

Osper is firm in the idea that it is not bank, but an app with two logins (one for the kids and one for the parents) which allows two people to manage the same card. Both daily and withdrawal spending limits can be built-in to the card use, and certain age-inappropriate transactions (such as bars, off-licences, casinos, etc.) are automatically in place.

This type of prepaid card service aimed at encouraging responsibility and budget managing skills has been popping up in several places in the UK (for example, goHenry [2]). Creating an app around idea makes it easier than ever to manage. Moving forward, perhaps all young people will have the opportunity to make their own budgets and have a deeper understanding of what money means.

Read more about this kind of app:

https://www.theguardian.com/money/2014/jul/03/debit-card-firms-digital-pocket-money
http://fintechnews.ch/fintech/hottest-finance-fintech-startups-in-europe-2016/6310/

[1] https://osper.com
[2] https://www.gohenry.co.uk/