I recently signed up to ensure that my children had PKTMNY accounts. This is all part of my plan to ensure that they understand the value of money and the importance of budgeting. My hope is that this will prevent them hurtling into some of the money problems I did in the past.
I blogged about my positive opinion of PKTMNY earlier.
Now that the accounts are established and the children’s debit cards are activated, I decided to get the children’s view.
My son aged 11 declared that the whole idea was “pretty smart”. He said that he felt financial education was important and that as his school does not cover it, PKTMY fills that gap nicely.
My son enjoyed the explanatory video on the PKTMNY website. It made him laugh. He felt the website was “kid-friendly” but felt it would be good to have one stronger logo rather than lots of characters which he found “weird”.
Concept of tasks to earn pocket money
Perhaps inevitably my son was not so impressed with having to carry out tasks to earn pocket money. My daughter pitched in at this point quite firmly saying “It is like the world of work. You do stuff and then you get money”. She is only 8 so I was very impressed by this. She added, “The good thing is it will make the boys work harder”. I can see her point as it is always her who ends up helping me out.
My daughter turned out to have a lot to say about PKTMNY. She explained to her older brother, “It means if you don’t spend money on sweets, you can buy toys you have always wanted”.
All my children are excited at the idea of having their own debit cards. My older son says he is concerned about losing the card and remembering the pin number. Again, my daughter explained to him that by having the card now, you will “get used to looking after it” She said he could get round remembering his pin number by writing it in his diary. Although this was not a good idea, by being involved in PKTMNY, we have these discussions and she now realises the importance of keeping that PIN number very safe.
My son was really impressed when he saw that the PKTMNY shop includes games and electronic equipment. He felt the shop was modern and had things for sale that children and teenagers would actually want to buy. He decided he would save up for a something immediately and since that conversation, he is already helping out more clearly seeing a link between doing things and earning money. My other two children are also trying to find creative ways to make more money to add to their accounts.
Conclusion“It makes saving simple and keeps spending safe” was the way my son summarised PKTMNY.