Growing up and learning about money
A lot changes for your child when they turn 10 or 11.
They become more independent, start making more of their own decisions, and often get their own money for the first time. This usually starts with something small like pocket money.
Pocket money: small amounts, big lessons
While pocket money isn’t a must, it’s a nice way for your child to learn how money works in a safe environment with you there to help.
Having their own money lets them choose for themselves, and sometimes that means spending everything at once. It’s all part of the learning process.
How to make it easy for everyone
- The most important thing is to keep things simple and straightforward. A fixed amount at a fixed time immediately provides peace of mind. If you say, for example, ‘You get three euros as pocket money every Saturday’, your child will know what to expect, without any surprises or arguments.
- In addition, it’s most important that you allow the opportunity to learn. If your child spends their pocket money immediately, there’s nothing wrong with that. That’s how they’ll learn what their choices mean and how quickly money can sometimes disappear.
- Saving becomes more interesting when it’s focused on a specific target rather than just ‘for later’. Having something in particular to look forward to like a game, hobby or trip offers much more motivation.
- Lastly, it’s a good idea to combine physical and digital money. Cash makes money visible and tangible, while digital money is easier to keep track of. Your child can make a great start by combining both, and that brings them to the natural next step: opening a young person’s account.
Their own account at the right pace
A KBC young person’s account offers an easy way for your child to take this next step in a familiar environment.
The KBC young person’s account (10-24 years) is free of charge.
Your child receives:
- All the benefits of the KBC Plus Account free of charge
- A debit card, mobile banking capabilities and free cash withdrawals
- Parental supervision thanks to a handy dashboard in KBC Mobile
This keeps things familiar for your child while slowly increasing their freedom.
Learn about digital banking your way
You can use the ‘Parental Supervision’ Dashboard to teach your child how to handle money matters without you having to worry about things. You are the one who decides what your child can do with the young person's account.
- Select the ways your child can make payments Decide whether your child can make their own payments and whether they can pay contactless, with or without a PIN, with KBC Mobile, with a card reader or with itsme®.
- Set payment limits and cash withdrawal limits (temporary or permanent).
Set the maximum amounts your child can spend or withdraw from an ATM per day or per week. You can also decide whether your child can make payments abroad or online. - Monitor your child’s income and expenditure
Keep a parental eye on things by monitoring how much money your child receives, spends or withdraws. If their card gets lost, you can also block it remotely right away.
