Debit card for a 9-year-old? Some Singaporeans say yes

They want their kids to learn to pay on their own, be more aware of spending habits

- Angelica Ang

When her eldest child turned 10, Ms Jeaneve Wee started lending him her debit card whenever he went out for meals with friends.

Her son, 11-year-old Jayden Hor, likes burgers at popular fast-food joints such as Shake Shack and McDonald's.

Ms Wee, a marketing manager at F&N Foods, saw that most of Singapore's fast-food outlets now operate self-serve kiosks, which accept payments digitally. She handed over her card, hoping her son would learn to order food independently.

"The children have evolving needs," said Ms Wee, 44. "From the time they start primary school, they should be learning how to buy their own food."

So when OCBC Bank rolled out the MyOwn account in October, which allows those aged seven to 15 to have their own debit card, Ms Wee opened accounts for Jayden and his 10-year-old sister Kaitlyn. Her youngest child, aged five, is too young to qualify for the account.

She valued the fact that parents get an instant push notification from their OCBC banking app whenever their child makes a purchase using the MyOwn debit card. This allows them to know when their children are using their money and what they are spending it on.