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Build confidence, boost financial savviness: How app helps parents raise money-smart kids in a cashless world
As digital transactions become a part of everyday life, the OCBC MyOwn Account helps parents and children navigate this financial landscape together with built-in safeguards
The OCBC MyOwn Account, which is accessible through the OCBC app, gives kids spending independence while parents oversee and guide them. PHOTO: GETTY IMAGES
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With Singapore embracing a cashless future, raising financially savvy kids and teaching them how to navigate digital transactions has become part of parenting.
This requires more than just giving them pocket money – it also involves equipping them with the tools and knowledge to manage their money responsibly on a digital platform, while teaching them to stay alert to risks like scams and hacks.
“Most parents have not exposed their children to contactless payments as many accounts are not set up to enable parents to guide their children and calibrate the level of controls they are comfortable with,” says Ms Tan Siew Lee, head of Group Wealth Management, OCBC. “This is where the OCBC MyOwn Account comes in.”
The new account provides an opportunity for parents to introduce children, seven to 15 years old, to the world of digital banking.
Accessible through the OCBC app, it gives kids autonomy over their spending while providing parents with the tools to oversee and guide their journey, building confidence along the way.
Through features like spending caps, transaction alerts to parents and a mirrored parent-child dashboard, the OCBC MyOwn Account digital banking service ensures children learn financial responsibility in a secure and supportive environment, guided by their parents, so they will not feel overwhelmed.
This requires more than just giving them pocket money – it also involves equipping them with the tools and knowledge to manage their money responsibly on a digital platform, while teaching them to stay alert to risks like scams and hacks.
“Most parents have not exposed their children to contactless payments as many accounts are not set up to enable parents to guide their children and calibrate the level of controls they are comfortable with,” says Ms Tan Siew Lee, head of Group Wealth Management, OCBC. “This is where the OCBC MyOwn Account comes in.”
The new account provides an opportunity for parents to introduce children, seven to 15 years old, to the world of digital banking.
Accessible through the OCBC app, it gives kids autonomy over their spending while providing parents with the tools to oversee and guide their journey, building confidence along the way.
Through features like spending caps, transaction alerts to parents and a mirrored parent-child dashboard, the OCBC MyOwn Account digital banking service ensures children learn financial responsibility in a secure and supportive environment, guided by their parents, so they will not feel overwhelmed.
Key features of the OCBC MyOwn Account
Give your tweens or teens a head start in learning how to use banking apps at their own pace with easy-to-use features. Discover what the OCBC MyOwn Account has to offer on the OCBC app.
For more information visit go.ocbc.com/MyOwnAcc.
Disclaimer:
Insured up to S$100k by SDIC. T&Cs governing the OCBC MyOwn Account apply. Visit go.ocbc.com/MyOwnAcc to find out more.
Insured up to S$100k by SDIC. T&Cs governing the OCBC MyOwn Account apply. Visit go.ocbc.com/MyOwnAcc to find out more.
