As a parent, the question of pocket money is definitely something you will have to consider. How much? When? And how do you teach your child to save?
Young Money is Grønlandsbanken's digital pocket money and savings app, designed for children and young people aged 7-17. It is a smart way to teach children about money and finance while giving them control over their own savings. It is important to establish a financial sense early – you will benefit from it for the rest of your life, and Young Money helps both you and your child on the right path.
What you get
- A Young Money savings account
- A Mastercard Debit card
- Young Money app
There are several advantages to a pocket money app, including:
- You have an overview of the child's savings and spending
- Children gain an understanding of the meaning and value of money
- Both parents can use the app
- The child can set savings goals
- You can send the child money in the app
- Assign the child tasks that trigger money when the task is completed
- Send digital money gifts
- Avoid the hassle of cash
A Mastercard Debit card is included for the child, which is linked to the Young Money account. In addition to using the app to deposit smaller amounts that the child can manage, it can also be used for more traditional savings. As a parent, you can always monitor spending through your own version of the app.
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Get a favorable interest rate on your savings.
How to teach your child about money
Good money habits are part of the foundation for children and young people to live the life they dream of later in life. Here you will find a number of good tips on how you can teach your child about money.