Can you get a debit card at the age of 10?

Beyond the Piggy Bank: Giving Ten-Year-Olds a Head Start with Debit Cards

For generations, the piggy bank reigned supreme as the primary financial tool for children. But in an increasingly digital world, parents are looking for more sophisticated ways to teach their children about money management. A question that often arises is: Can a ten-year-old get a debit card? The answer, like many things in parenting, is a nuanced “it depends.”

Traditionally, debit cards were reserved for teenagers and adults. However, the landscape is changing, with financial institutions recognizing the benefits of introducing financial literacy at a younger age. While a ten-year-old typically can’t open a traditional debit card account independently, there are avenues to provide them with access to a debit card under parental supervision.

One innovative approach is through specialized apps like Rooster Money, offered by banks like NatWest. These platforms often provide a prepaid debit card specifically designed for children aged six to seventeen. The key feature here is parental control. Parents can set spending limits, track transactions, and even assign chores with corresponding payments directly to the card. This allows children to learn about earning, saving, and spending within a safe and controlled environment.

Imagine a ten-year-old using their Rooster Money card to purchase a new book they’ve been saving up for. They experience the tangible connection between earning money (perhaps through completing assigned tasks) and making a responsible purchase. This fosters a sense of financial ownership and responsibility that a simple piggy bank can’t replicate.

As children get a bit older, typically around eleven, some banks offer current accounts tailored specifically for them. NatWest’s Adapt current account, for example, caters to the eleven to seventeen age group. While offering more features and flexibility than prepaid cards, these accounts still come with parental oversight, albeit often with increasing independence granted as the child matures.

The advantages of introducing debit cards to younger children are numerous. They learn practical skills like budgeting, tracking expenses, and understanding the value of money in a cashless society. They also gain a sense of responsibility and independence as they manage their own spending, albeit within the boundaries set by their parents.

However, it’s crucial for parents to be proactive and involved in the process. Simply handing a ten-year-old a debit card without proper guidance is a recipe for potential problems. Open communication about responsible spending, saving goals, and the dangers of online fraud is essential.

Ultimately, the decision of whether or not to give a ten-year-old a debit card rests with the parents. By carefully considering the child’s maturity level, financial understanding, and the available parental control options, parents can use debit cards as a valuable tool to cultivate financial literacy and empower the next generation to make sound financial decisions. Moving beyond the traditional piggy bank, these tools offer a modern and engaging way to teach children about money in the digital age.