The changes that happen once your children hit secondary school is crazy really. Nia my eldest is in her second year (age 13) and has become so independent. I want to encourage this, but keep my eye on everything too. It’s all a bit of a juggling act, and I have found it way harder than her.
Honestly it doesn’t get any easier, as they get older believe me!
We were given the opportunity to test out Osper, which is a debit card for young people, so that they can have access to their money whether online, in store, or withdrawn from a cashpoint.
We believe by empowering young people to manage their money responsibly from a young age they can become more financially confident adults. Evidence shows that we form habits at a young age and this includes our relationship with money, Osper gives children the chance to learn by doing and make any mistakes before the stakes are too high and they are thrown into a confusing financial world.
Now it also gives you the ability to not only add money to the account, monitor it, but also to add restrictions to it, as the parent. I was really intrigued, but felt apprehensive letting her have a debit card of her own. However as I mentioned before, sometimes its as a parent that we struggle with the thought of them growing up so quickly. Osper felt safer though, than her having an actual bank account with a card, so we decided to try it out for a few weeks see how it worked for us.
To set up is really simple. You actually make the account online as a parent. So no need to go into the bank, which is a bonus.
You then get sent the card (in their name) in the post, it takes around 4/5 days. You download the Osper app, then register the card, adding a password, so you can monitor it. It’s up to you as a parent to decide how it works, it really very flexible. You can add a monthly allowance/pocket-money or just top it up when needed. It possible to allow them to spend their money on-line, or you can restrict them.
The child then downloads the app on their phone, again setting up a password so it’s all very secure and really you take it from there. We sat down and chatted about security, and what she could do with the card. She has a pin number, and this she can access if she forgets it on the app. Nia was definitely excited to use her Osper card, and I could understand why.
We set a challenge:
Nia had to use the £50 that we preloaded on the card to buy a winter outfit, we also gave her an additional £100 so that you could buy herself some more winter essentials. Her money needed to go a long way, as she needed to buy a winter coat from this amount, so it was important that she budgeted. It was fascinating to watch her look for deals, special offers and discounts so that she got the most for her money. It wasn’t just because we set her the challenge, she wanted her money to go as far as it could. She really did rise to the challenge.
So how did she get on?
For her money she not only bought herself a winter coat but 3 tops, a pair of jeans, a dress and a pair of boots. One of the outfits (footwear not included) came in at £39. She even looked at whether there were any delivery charges, or if it would be cheaper to have it delivered in store.
Overall I think I love that this account has given her some independence, and has helped us both to grow in confidence. We will definitely be keeping up using the Osper.
Free for your first 3 months, then £12 per card per year. An account for 8-18 year olds.
In order to provide Osper in a way that is sustainable, we have to cover our costs. However, unlike high street banks we don’t believe in charging for mistakes. So joining Osper, spending online and in shops, ordering a new card and using the Osper App is completely free.
All you pay is £12 per Osper Card per year, with your first 3 months free.
The only things you’ll ever pay for on top of this single membership fee are replacing a lost Osper Card and using Osper abroad. No more fair usage fees, overdraft fees or other hidden costs. No surprises.