On 14 June, Child and Youth Finance International (CYFI) joined Network partner, ParentPay, the market-leading online payment service for schools and families, for their launch of nimbl, a new financial platform aimed at encouraging financial awareness and independence amongst young people via the use of a prepaid MasterCard® debit card and smartphone app.
nimbl allows 8 - 18 year olds to keep track of how much they have spent and where, on their prepaid MasterCard® debit card, whilst allowing parents to top-up, monitor and control their children’s spending via the nimbl app.
Clint Wilson, CEO of ParentPay said:
“The youth banking market in the UK is chronically underserviced and as we move towards an increasingly ‘invisible economy’ and a reduced use of physical currency, young people struggle to comprehend the value of money. Following the move in September 2013 to include financial education within the National Curriculum, there is a need to take young people’s understanding of money beyond the school gates.
ParentPay’s school online payment and communication system helps 6,000 schools save administration time and reduce costs, enabling over 2 million parents to pay schools quickly and securely, keeping children safer.
Developing quality services for children and youthThe event also presented findings of the UK’s largest parental survey on children’s attitudes to finance and include talks by MasterCard and CYFI on financial inclusion and financial education for young people
CYFI has collaborated with ParentPay and MasterCard as part of a working group to develop child and youth-friendly banking products for young people. nimbl is currently undergoing assessment by CYFI which assesses the design and implementation of financial products for children and young people. This forms part of the working group’s overall mission to identify issues arising from the provision of financial services for children and young people, to identify the solution space and relevant stakeholders and to establish product-specific output to provide guidance and best practices.