How does a 10-year-old pay? 🤔

I promised myself I'd write about kids' accounts. And now I'm doing just that.

The holidays are behind us. Some of us sent our children to summer camps, summer camps, or to visit family. We need to somehow provide the kids with the necessary funds. If they're 13 or older, that's no problem, but with younger children, cash is the only option.

My son encouraged me to look into this matter; for some time now, he has been wanting me to set up an account for him so that he can deposit money himself, but also pay in the store himself.

We checked the current market situation. The choice—when it comes to banks—is very limited. on our market we really have ONLY 1 bank, in which you can set up account for a child under 13 years of age and link the card to it. Other banks do offer accounts, but not cards. Why do so few banks offer accounts and cards for children (under 13)? There could be many explanations.

✅ It is unethical to involve children in financial matters. – this is the voice of bankers who care about the good image of their companies. Hmm, yes, but don't our 8- or 10-year-olds know that money exists? They do, they can count it. That's why this argument doesn't convince me. Why shouldn't children have access to their own funds?
✅ A 10-year-old will not be able to manage funds rationally – a parent might say. It's an argument. But if we don't start educating our children now, with less money, but our own, when will they learn?
✅ They will attack, steal, take the card away from the child – a parent might say. Agreed, but cash can be stolen in exactly the same way. And the card allows you to set limits, so the risk of a large loss is lower.
✅ It is difficult to make money on such accounts because you would have to make money off childrenUnderstandable, but the account is still funded by the parent. Besides, the account fee is the same as buying chocolate at the store. Would anyone refuse a 10-year-old to buy a 5 złoty chocolate on their own? I doubt it.
✅ There is no profit on this, because the funds are small, there are few operations – the bank will say. And this is probably the only argument that convinces me :) If the bank doesn't make money, then it really "waste of electricity".

It is clear that Revolut does not have such dilemmas, as it plans to introduce a card for children. https://bezprawnik.pl/karta-revolut-dla-dzieci/ I wonder what this offer will look like.

Education in money management, independence and the ability to make choices by children are our social capital. The sooner we teach our children how to manage limited resources, the brighter our future will be. If a product for children is equally well-designed in terms of ergonomics and processes, I'm convinced it will be popular.