Westpac launches new tools to help kids save and spend safely

Digital Reinvention
25/07/2024News

Westpac is rolling out new features designed to help children and their parents manage money safely while encouraging smart spending and saving habits. These updates include a debit card with robust parental controls and a digital Pocket Money function, aiming to boost financial literacy among young Australians.

The initiative follows findings from Westpac’s Youth Money Report, which reveals that 75% of parents are already teaching their children financial literacy, and over half (53%) believe that a debit card can be a valuable tool for money education. Despite this, many parents remain concerned about online safety and spending oversight, with 37% noting the lack of controls to prevent online threats as a major issue.

To address these concerns, Westpac has lowered the age limit for its debit card to eight years old for Choice Youth account holders. The new features include daily payment and weekly spending limits, notifications to parents about account activity, and blocks on certain high-risk transactions. For children under 14, a default weekly spending limit of $50 applies, while parents can adjust this limit through the Westpac app based on their child’s age and ability.

Additionally, Westpac has introduced a Pocket Money feature in its Family Hub app, allowing parents to digitally transfer funds to their child's account, either as a one-off payment or a recurring transfer. This feature is intended to modernize the practice of giving pocket money and help children learn to manage their finances digitally.

Chris Brell, Acting Managing Director of Cash & Transactional Banking at Westpac, emphasized the importance of early financial education. “Our new tools will help parents teach their kids the value of money while keeping their finances secure,” he said. “Starting early with digital money management can set children on the path to becoming savvy savers.”

By integrating these new features, Westpac aims to support families in fostering sound financial habits from a young age.

Digital Reinvention community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

Digital Reinvention
03/06/2025News

BUUT is ABN AMRO’s response to the digital habits of a new generation

While it offers standard banking services, BUUT aims to deliver them in a format aligned with the expectations and routines...

Innovation Awards Hub
02/06/2025Article

Financial Innovation Spotlight – May 2025 edition

From reversing payments with a tap to tailoring services for retirees, banks across Europe are rethinking what it means to...

02/06/2025News

UAE introduces first ‘Finfluencer’ license to regulate digital financial advice

The license is aimed at anyone offering investment recommendations or financial insights related to regulated products or services within the...

Digital Reinvention
02/06/2025News

BBVA app adds AI feature to hide data from prying eyes

If more than one face is identified, the app automatically hides sensitive details such as account balances and card information.

Digital Reinvention
02/06/2025News

Lloyds partners with Lumio to test shared finance app for couples

The collaboration is aimed at simplifying financial management for couples, flatmates, or family members who handle household expenses together.

Digital Reinvention
02/06/2025News

Garanti BBVA Crypto launches updated mobile app with expanded features

With nearly 100,000 users, the platform now supports trading in both Turkish lira (TRY) and US dollars (USD), while maintaining...

Innovation Awards Hub
01/06/2025Article

The 2025 Qorus-Infosys Finacle Banking Innovation Awards submission guide

The Qorus-Infosys Finacle Banking Innovation Awards are open for entries until June 11, 2025. Here's a guide to everything you...

Digital Reinvention
01/06/2025News

Nu Viagens adds price alerts and hotel deals to travel platform

The tool enables users to track airfare fluctuations and receive notifications when ticket prices drop for selected routes and dates.