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The NY Post is reporting that marketing companies are working to begin pushing debit cards to kids as young as 7! Although I certainly wouldn't get a 7 year old a debit card, the marketers have a pretty interesting pitch. For example, one argument is that a debit card will help a child learn how to budget his money. This is certainly a valid idea, but I think that parents should be encouraging saving! In my experience, anything I bought from ages 7-10 was something I regretted purchasing within a month of having it. I saved money I made from lemonade stands and other silly businesses -- this allowed me to begin learning about the benefits of investing your money, how to find competitive interest rates, etc.
One "expert" compared debit cards for kids to the learners permit -- kids use this as an entry to finance. But let's remember America has a 0% savings rate, so that's like learning to drive from Paris Hilton.
Kids need to learn to save, not spend.
Debit cards for pre-teens?
Posted Jul 23rd 2007 12:09AM by Kevin Kelly
Filed under: Consumer Experience, Competitive Strategy, Marketing and Advertising
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