I have yet to find any other system out there like Go Henry. I think the creators have put a lot of thought into their product. There are financial products for children already on the market and they are provided by all the major financial institutions. These include savings and current accounts that are very basic in their functionality. I suppose these are aimed at providing children with the basics of running a bank account.
Not so long ago, adults only needed a basic bank account which in many ways were similar to the children’s accounts on offer today: a current account to pay your salary into, a savings account for regular savings, Direct Debits that left your account on a regular basis to pay your bills and for long distance payments, a cheque in the post would suffice.
A visit to the ATM machine once a week to get a mini statement and to withdraw some cash was usually enough to keep on top of things. I remember having a Debit Card for three years before actually using it to make a purchase. I could normally keep a tally in my head of where my account was up to.
The world has moved on rapidly in the last few years. Adults manage their accounts online, they use smartphone apps to review their spending, and send payments via text message and online payment services like PayPal. The noughties saw credit cards become more main stream and with it. internet shopping. Shopping online now makes up a large proportion of peoples monthly spend.
Given this revolution, a basic current account just doesn’t cut it anymore for children and young people. Children need access to similar facilities that adults use, but with the correct boundaries and controls in place to stop them getting into trouble.
Until the banks up their game and provide something similar, then Go Henry is definitely the way forward, for our family anyway. I have full control and am able to introduce my kids to the different aspects of managing a bank account online, offline, using a smartphone or a contactless debit card, when the time is right for them.