Should children have a debit card?

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Should children have a debit card?

Rounding it up

  • There’s no age requirement for opening a debit card in Canada, though minors usually need to open custodial accounts under the supervision of a parent or guardian.

  • Getting a debit card for your child can give them a sense of independence and responsibility that can be great for their self-confidence.

  • Debit cards can help children learn the basics of money management and budgeting early in life.

  • While debit cards are fairly low-risk financial tools, parents and guardians need to monitor their children’s accounts to prevent overdraft fees and excessive spending.

9 min read

Gaby Pilson
#debit card#monitoring tools#independence

Gaby Pilson

Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.

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