The idea is simple, teach teens to spend money before they are mature. Of course it's covered in make-up, behind a "financial training program" according to Master Card. This new program is a prepaid debit card, which is "changing the relationship between teens and parents, building a strong foundation of trust, understanding, financial freedom and responsibility."
Well, just make up and not even marketing in my opinion, their intention is too obvious, but I think the idea makes sense. Teens get treated liek adults in other industries like fashion. And now it's the turn for debit cards. They will learn how to use them before they can even control their impulse to buy. I can't say I like it, but it's over there.
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A Debit Card for Teens
Trend Themes
1. Teen Financial Education - Opportunity for disruptive innovation in developing new ways to teach financial skills to teenagers.
2. Prepaid Debit Cards for Teens - Opportunity for disruptive innovation in the prepaid debit card industry targeting the teenage demographic.
3. Building Trust Between Teens and Parents - Opportunity for disruptive innovation in creating products or services that foster trust and financial responsibility between teenagers and their parents.
Industry Implications
1. Education - Opportunity for disruptive innovation in the education sector to develop programs that teach financial literacy to teens.
2. Payment Solutions - Opportunity for disruptive innovation in the payment solutions industry to create prepaid debit card options specifically designed for teenagers.
3. Family Services - Opportunity for disruptive innovation in the family services industry to provide tools and resources that help parents and teens develop a strong foundation of trust and financial responsibility.