DALLAS -- PAYjr, a free online money management system for teens, is doing its part to help parents teach teens how to manage their allowance and develop better spending habits by adding a prepaid MasterCard to its offerings.
"As young people begin to earn more disposable income, it is important that they learn how to effectively manage their finances," says David S. Jones, CEO of PAYjr.
PAYjr is a free allowance and chore management system. Parents can assign chores and associate allowance values to those chores, transferring money directly into the teen's account once the task is completed.
Parents can set purchase limits and view all activity on the card through the PAYjr Web site and teens can access their funds via the Allpoint surcharge-free ATM network.
The PAYjr Prepaid MasterCard is available and managed through PAYjr.com and is accepted at millions of locations, wherever MasterCard debit cards are accepted.
It is estimated that teenagers contribute $175 billion in annual spending power.