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.

Related news & insights

07/05/2025Article

How UOB is future-proofing its workforce – One career at a time

From AI training to retirement prep, United Overseas Bank (UOB) is making bold investments in its people. The Singapore-based bank...

Digital Reinvention
06/05/2025Interview

Further Insights: The shift from branches to bots in Turkish banking

Meral Ahu Karageyim, senior researcher at Bogazici University Center for Applied Research in Finance (CARF), in collaboration with her co-author...

Digital Reinvention
06/05/2025News

PayPal’s boldest bet yet: Going head-to-head with cash in German retail

"Better Than Cash" isn’t just a slogan—It’s PayPal’s new retail strategy

Digital Reinvention
06/05/2025News

Revolut just took aim at telcos — and this could redefine the fintech playbook

With unlimited domestic calls, texts, and data, plus a 20GB roaming allowance across Europe and the U.S., this move could...

05/05/2025Interview

At work with Vlastimir Vuković

Vlastimir Vuković, Chief Executive Officer and President of the Executive Board at NLB Komercijalna banka, shares with Boris Plantier of...

Digital Reinvention
05/05/2025News

Commerzbank’s AI avatar “Ava” redefines customer engagement

Ava isn’t just another chatbot — she’s a human-modeled, conversational assistant designed to provide instant, 24/7 support, blending the convenience...

Digital Reinvention
05/05/2025News

NatWest introduces family-backed mortgage to boost first-time buyer affordability

Family-backed lending meets strategic affordability shifts in a move that could rattle competitors.

Digital Reinvention
03/05/2025News

ANZ goes password-free: The first Aussie bank to kill logins as you know them

Australia’s first password-less web banking platform promises easier logins and tougher fraud protection.