Danielle Frawley is a 30-year-old Vice President of Marketing & Communications at Fort Community Credit Union ($205M) in Fort Atkinson, Wisconsin, United States.
Check it & Text it
Helping parents teach their teens about the proper use of their first debit card.
While opening two student-ran, high school credit union branches, I became aware of the need that parents have for teaching their teens about personal finance. Many high schools don't offer personal finance classes and parents are looking for guidance on how to teach their teens good money management practices.
The teen debit card that we offer would be opened with both the parent and teen. They would receive text alerts on a weekly basis letting them know their total spend and how many hours they would need to work at minimum wage to make that amount of money back. Emails will also be sent that incorporate gamification, quizzes, and prizes. A Member Service Representative would be assigned to each teen to make follow-up calls to the teen and parents to check-in on how things are going and answer questions as needed. The goal is that we provide parents with the comfort of knowing that at the end of the first year, their teen is properly handling their debit card and paychecks.