UK-based Osper is a prepaid debit card for pocket money that gives 8-18 year olds independence while providing parents with tools to track their spending.
Money management isn’t something that’s officially taught in schools, which means many people reach adulthood without really knowing what’s best for their finances. The KidZania Mumbai theme park has previously enabled children to roleplay as bank customers in order to teach them about the real world, and now UK-based Osper is a prepaid debit card for pocket money that gives 8-18 year olds independence while providing parents with tools to track their spending.
The scheme intends to give children a taste of what it’s like to be in charge of their money, even if they’re still only young enough to get pocket money. The card is a prepaid debit card, which means it can be used at basically any store or ATM, but can’t use funds beyond what’s loaded onto it. As well as having the freedom to pay for whatever they like on card, kids can also use the Osper app to view their balance and a statement of their spending. Their parents get a separate login to the account and can monitor exactly when and where their child spends money. Parents can instantly load money onto the card through their smartphone either for emergencies or as monthly allowances. Notifications keep them informed of their kids’ activity and they can lock the card at any time. Naturally, purchase attempts on over-18 websites and services are automatically blocked.
Watch the video below to learn more about Osper:
Rather than simply dealing in cash, Osper enables kids to learn how to budget for all kinds of transactions — including spending online and through their phone. Membership into the initiative is free for the first year, then GBP 10 annually after that. Currently available only in the UK, could this type of scheme work in your part of the world?