If you have children under the age of 18, then a prepaid card could be a great alternative to cash. It will teach your children how to spend money wisely. And you can set spending limits and control what your child is spending on.
Giving a child a card instead of cash can teach them about money and banking. As the cards can be used in shops, online and for cash withdrawals, it’s a good way to teach your children the basics of how banking works before they move onto a bank account when they turn 18.
Also, as a parent you can monitor how your child uses the card. A card can be a safer option than cash in hand. With a card you’re making sure they’re not spending money on gambling sites, adult sites, or bars.
Read More Here: http://money.com/money/5647706/prepaid-debit-card-for-kids/