PSCU and the Credit Union Association of New Mexico are joiningto bring New Mexico consumers a prepaid card that parents can useto help teach their children the basics of personal finance.

The new card will be available through the association's ClaimYour Youth marketing initiative.

The prepaid cards are designed to improve teen budgeting, moneymanagement and credit responsibility, as well as to teach teens thefinancial literacy skills they'll need for life, the associationsaid.

“Parents get the control and convenience they want as they cantrack teen spending, receive card balance and transactioninformation via text to their phones, and easily load funds to thecard 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 financialfreedom but need a bit of help staying within boundaries. Parentsget that control and set their kids up for a lifetime of bettermoney management skills.”

Mike Kelly, PSCU president/CEO, said, “These cards are going tohelp credit unions attract young members via the Claim Your Youthprogram. The prepaid, reloadable card is an outstanding opportunityfor teens to learn financial responsibility, while giving theparents control over spending.”