Italian digital bank Bari Bank has introduced a debit and credit card supplied with pre-set funds for children and teenagers.
Bari Bank claims it is on a mission to offer tools to help families to plan their financial futures and to control their expenses.
The bank has introduced a Digital Multi Account that will be managed by the children’s parents to maintain control of expenditure. The Elo brand alongside its contactless cars is linked to the Taxpayer ID of the bank account holder and is delivered personalised to the family home.
Through the Bari app – which is available for IOS and Android – the account holder is able to create two controlled accounts, with one card entitled per account. The accounts are also able to visualise statements and confirm expenses.
Bari CEO Rodrigo Pinheiro said, “We believe that financial education should begin at early childhood, when parents should talk with their children about finances in a clear and ludic way. After seven years of age, it is already possible to offer them a weekly allowance, in small amounts, to purchase some items or school snacks.
“However, from 12 years onward, when they reach adolescence, they have maturity enough to receive slightly higher amounts, for instance, for the purchase of clothing and books.”
