PSCU and the Credit Union Association of New Mexico are joining to bring New Mexico consumers a prepaid card that parents can use to help teach their children the basics of personal finance.
The new card will be available through the association's Claim Your Youth marketing initiative.
The prepaid cards are designed to improve teen budgeting, money management and credit responsibility, as well as to teach teens the financial literacy skills they’ll need for life, the association said.
“Parents get the control and convenience they want as they can track teen spending, receive card balance and transaction information via text to their phones, and easily load funds to the card from their computer,” CUANM added.
“This card is going to be popular with parents and teens alike,” said CUANM’s president, Sylvia Lyon. “We know teens love financial freedom but need a bit of help staying within boundaries. Parents get that control and set their kids up for a lifetime of better money management skills.”
Mike Kelly, PSCU president/CEO, said, “These cards are going to help credit unions attract young members via the Claim Your Youth program. The prepaid, reloadable card is an outstanding opportunity for teens to learn financial responsibility, while giving the parents control over spending.”