Raising Money Savvy Kids with Digital Banking Technology

Everyone has got their busy lifestyle, especially parents. Besides sending kids to school and getting to work. Besides providing education to our kids, it's also important teaching kids to save money and it's best to start them young. It's never too late to get start our kid to start saving money, every kid has a wish and I am sure you know that they would asking for toys or gadgets. We can't always buy what they have wished for but it's better to get them to understand the value of money. How they can save money from young, it's not just for buying a gift for themselves but also teaches them that money doesn't comes easily. Sharing is caring, Hong Leong Bank new launch with HLB Pocket Connect, parents can start introducing financial management and education and imparting the value of money to the children from a young age. It is useful app as kids will have to earn money it by setting goals and working towards them and one step closer to their goals.  

Teaching your children about money as early as possible is about giving them a head start and time to practice their financial abilities before they become adults.

The topic of financial literacy and education has long been a challenging proposition and perhaps even a difficult topic to broach for many Malaysians. The Malaysian Insolvency Department reported a startling data that youth bankruptcy - involving those aged below 35 - made up 25.2% of bankruptcy cases from 2017 to 2019 in the country. This shows an urgent need to make financial literacy and education a key life skill to be taught to all Malaysians.

Just like charity begins at home, forming a life-long healthy relationship with money should begin at home, as early as possible. In the age of everything digital, parents can now leverage on digital tools to help them educate and engage their digital native children effectively to be financially-conscious and responsible.

HLB Pocket Connect is an interactive and personalised banking platform built for digital natives who are well acquainted with and demand hyper-personalisation, real-time gratification and highly interactive content and experiences. Available to all HLB 3-in-1 Junior Account holders, it has three proprietary features namely Earn, Save and Spend, which enable children to learn to be financially responsible under the watchful eyes of their parents, who are able to guide, manage and monitor their children’s pocket money and savings.

Under the Earn feature, parents can set tasks or goals and reward their children with extra pocket money when they complete them. Not only does this teach children the value of hard work and earned money, it also gives them sense of achievement when they are able to meet their goals.

As the account comes with reloadable Junior Debit Card for children to Spend, parents can have peace of mind knowing that they can monitor and control their children’s pocket-money spending. Not only can they top-up the pocket money through seamless transfer from their HLB Connect, they can set spending limits, control where and what their children can spend on as well as monitor real-time spending of their children.

Parents can also block or freeze the Junior Debit Card instantly if they suspect any fraudulent or improper spend, all done through their HLB Connect. To inculcate a savings habit, HLB Pocket Connect will soon have a customizable Save feature which allows children to set their savings goals for things that they want and allowing them to track their savings through progress reports.
 

Not many parents know about it, I am glad to share it with you here. HLB has made it very easy to open a bank account. Parents who are interested to open a 3-in-1 Junior Account can conveniently do so by vising the Bank’s official store on Shopee (www.shopee.com.my/hongleongbank.os) anytime, anywhere. Upon “purchasing” the account, a HLB representative will be in touch and come to you, assisting with the account opening process without needing you to visit any physical branches. That's good as you can have your account opening process at your comfort home.

To find out more about HLB Pocket Connect, please visit: https://www.hlb.com.my/en/personal-banking/deposits/savings-account/3-in-1-junior-account.html