Helping teenagers to manage their money is not always the easiest process, but there is something that can provide assistance.

A prepaid card works in a similar way to a debit or credit card, although only money on it can be spent as there is not a credit facility.

To get a credit card you also need to be over 18, while many children can’t access mainstream debit cards but many prepaid options do not have these restrictions.

It gives teens a convenient means of spending and can also be useful for older teens that are away at university and need to manage food or household bills.

Giving teens control of their money

It’s impossible for a teenager to run in to debt with this type of card as well, meaning they have control over what money they have….and nothing more.

Essentially they can be used for purchases either in stores or online, providing freedom for teens to buy what they want as long as they can afford it.

As far as online shopping is concerned, it is virtually impossible for to make a purchase without some sort of electronic payment option, so it opens up a whole host of possibilities.

It’s also important to protect children from potential fraud, and as a prepaid card is not directly linked to a bank, they receive added protection.

Some cards carry a chip and PIN protection facility too, so teens can get used to the feeling of using debit or credit cards, and gain an understanding of how the process works.

Safe and secure

Many cards can also be checked via mobile or online, meaning parents can watch what their children are spending and act if any bad habits are detected.

Spending alerts can be set up with some cards, so that automated messages appear every time a card is used.

Some cards can even be locked remotely should parents want to stop their children from spending for any reason.

Parents can also keep track of how much money they are giving their children in terms of allowances and pocket money – something that is a lot more difficult in cash form.

Giving a teenager their own prepaid card gives a teen the freedom to spend and learn about money management, but parents can also keep a close eye on proceedings.

There are many different cards available, and it’s important to hunt around to find the one that is most suitable.