In a recent survey of 6,000 parents in the UK, 7 in 10 agreed that their children do not understand the value of money in the way that they did when they were the same age. The survey, commissioned by nimbl, the prepaid MasterCard® debit card and smartphone app for children aged 8-18, found that 80% of parents believe that children spend money too easily. 2 in 3 parents also believe that the growth of digital money makes it harder for children to learn about spending.
Created by the founder of ParentPay, Clint Wilson, nimbl was launched to address these concerns by encouraging financial awareness and independence amongst young people.
nimbl allows 8-18 year olds to keep track of how much they have spent and where, on their prepaid, contactless MasterCard® debit card.
With the nimbl app, parents have their own account that manages and controls their child’s nimbl card with notifications and alerts to allow them to track their child’s spending in real time. They can make one-off transfers to their child’s account or choose regular weekly or monthly pocket money or allowances, set up weekly or monthly spending limits and view online statements to help guide their child’s financial decisions.
Using the web and mobile app, the child can keep track of money coming in, what they’ve spent, and how much they’ve saved. Friends and family can also be involved in the child’s financial journey and send money easily via a secure gift link.
nimbl aims to create carefully controlled conditions that help young people to understand the value of money and enable them to grow up as financially responsible adults.
Supporting the financial inclusion of young people
nimbl is part of a working group, collaborating with CYFI, MasterCard® and a range of other partners, seeking to make financial products safer for young people. The working group is developing a set of principles to guide the development of financial products and services by the private sector.
Paving the way for the future of child and youth-friendly e-banking, nimbl is an excellent example of how fintech can educate and include young people safely and securely. Whilst still under the protection of their parents, children are empowered and gain financial confidence for the future.