How the OCBC MyOwn Account empowers parents to teach money-savvy habits to children.
As Singapore transitions toward a cashless economy, fostering financial literacy in children is becoming an essential aspect of modern parenting. The OCBC MyOwn Account offers a practical solution for parents looking to guide their children through the complexities of digital transactions while promoting responsible money management.
This digital banking service caters to children aged 7 to 15, providing a safe platform for kids to learn financial independence under parental supervision. Through the OCBC app, parents and children can collaboratively explore features such as spending caps, transaction alerts, and a mirrored dashboard that allows parents to monitor and guide their kids’ financial activities.
Ms. Tan Siew Lee, head of Group Wealth Management at OCBC, highlights the importance of such tools: “Many parents hesitate to introduce children to contactless payments due to a lack of controls. The OCBC MyOwn Account bridges this gap, ensuring that children can learn financial responsibility in a secure environment.”
The account’s safeguards and intuitive design encourage children to develop money-smart habits while minimizing risks like overspending or falling prey to online scams. Parents, in turn, gain confidence in allowing their children the freedom to navigate digital finance, knowing they can step in when needed.
By blending autonomy with oversight, the OCBC MyOwn Account equips young users with the skills and confidence they need to thrive in an increasingly cashless world.
