What is the Greenlight debit card for kids and how does it work?

The Greenlight debit card for kids is a financial tool designed to help children learn about money management. It operates under the premise of parental supervision and control, where parents can load funds onto the card and designate where their children can spend their money, whether it's in stores, online, or at ATMs. The associated Greenlight app allows for real-time notifications of expenditures and offers parents the ability to set store-level controls, as well as to pay interest on the child’s savings as an incentive to teach them about the concept of earning interest. Moreover, parents can assign chores and link the completion of these tasks to the disbursement of funds, further integrating practical financial literacy with everyday responsibilities. Thus, Greenlight serves as a multifaceted educational platform for youths to gain hands-on experience in managing personal finances under the guidance of their parents.