‘Here’s how it works. Parents open an account with Mesa-based Allow Card of America and can put money on the card through their own credit cards or checking accounts for a nominal fee. They can monitor their child’s spending via a password protected Web site. The charges are displayed as they would be in an online bank statement.
Parents and their children can go over the charges together and discuss spending patterns. There are also monthly lessons about money management.
Most teens don’t understand how money works even though they use it every day, and what they know about money they learned from their peers, says Rena Gardenswartz, a fellow with the National Endowment for Financial Education, a nonprofit organization based in Colorado.’
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