Bad finance habits are everywhere, people spend recklessly and save reluctantly. When it comes to financial literacy we should not leave it to chance. Damaging financial advice is even more rampant. While this might seem like an adult issue, it really is not.
Like all habits, children and teenagers start cultivating financial habits from a young age. For example, a child who saves N100 out of the N200 he or she is given is learning to save at the most basic level. Such practices can be built on in order to encourage saving and learn the value of it.
For parents who would like to teach their children to gain practical financial skills; Rubies Digital Bank has launched the highly rated Rubies Junior.
Learning how to manage money should be an ability that all children possess. This is to stop them from cultivating bad habits. With Rubies Junior, children will learn to cultivate good money management habits.
Rubies Junior App
The newest Rubies app takes its cue from the original Rubies App. As with a traditional bank app, the user carries out transactions such as transfers and views history on the app. The key difference is parental supervision.
The Rubies Junior account is created by parents or legal guardians and every transaction on the account is observed by an adult. Children can also receive a debit card when requested by the parent or legal guardian. All transactions performed using the card are monitored and part of the history that can be seen by both the children and their parents.
Monitoring the account helps ensure that your child’s use of the account, such as things they buy remotely or transfers that they make; are all acceptable to you. It also guarantees that the money in the account is sufficient but not too much.
Rubies Junior also has a savings component, where children can save towards a specific goal such as a new phone or a best friend’s birthday gift. Saving towards something that is important to them as opposed to blindly saving teaches the value of the price of goods. This is because It makes the value of goods tangible. They can see where their money is going and take responsibility for it.
Savings, in general, is essential to financial security. If you have ever had trouble saving, you know how much easier it would have been if it was a compulsory habit you had cultivated early on in life. In the same vein, it is a steppingstone for a current account when they are older. Savings will be a given and the only concern would be intelligent spending.
Introducing Children to the Money World
This is where Rubies Junior supports both parents and children once more. Rubies Junior is the product that came out of a focus group of teenagers. In addition to feedback from teen target audience, a combination of years of banking experience was used to craft the Rubies Digital Bank app. The App includes the wants and aesthetics that appeal to teenagers, and forms the foundation of this app’s development.
As a result, Rubies Junior is effectively designed to place children in the money world. In today’s digital world, introducing children to money may not be as easy as before. This is because, now, saving appears intangible.
The speed at which you can spend N100 is the same as the speed of spending N10,000 as cash becomes less and less commonplace. It does not help that social media glamorizes the idea of luxury for little effort.
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Cash deposit options teach children how very few financial transactions stay physical. It also teaches how goal setting encourages spending on necessary items as opposed to spur-of-the-moment wants. At Rubies, we understand that financial literacy is essential for children. Rubies Junior is here to ensure that this lesson is taught effectively.