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.
