From school canteens to shopping malls, children in Singapore are growing up in a world where paying with cash is no longer the norm. Tap cards, scan QR codes, or use PayNow — digital payments are everywhere.
For parents, this raises a new challenge: how to help kids manage money responsibly when it’s no longer something they can hold. Teaching them to spend wisely, save consistently, and stay safe online are now just as important as reminding them to do their homework.
This is where the right tools and guidance come in. With thoughtful teaching and modern banking features designed for young users, parents can help their children take confident first steps toward financial independence.
Why It’s Important to Prepare Kids for a Cashless Future
Singapore’s journey toward a cashless society is accelerating. Many fast-food outlets, bubble tea shops, and even school vendors are now accepting only cashless payments. For children who rely on cash pocket money, this can mean weaving cashless in the daily experiences like buying lunch or snacks after class.
Helping children adapt to this shift early builds essential skills for life. They learn how to plan, budget, and understand value in both digital and physical forms. Most importantly, it empowers them to be confident, capable, and safe participants in Singapore’s evolving financial landscape.
Building Financial Independence with Guidance
Financial independence starts with small lessons. When children manage small amounts — such as deciding whether to buy a snack or save for a new toy — they begin to understand budgeting, decision-making, and delayed gratification.
With many parents working full-time, it’s becoming common for kids to make small purchases on their own after school. Preparing them to do this safely helps nurture self-discipline and responsibility.
Introducing OCBC MyOwn Account: A Safe Way for Kids to Go Cashless
To support parents in raising financially savvy children, OCBC Bank created the OCBC MyOwn Account, a savings account designed specifically for kids aged 7 to 15. It blends independence with parental oversight, helping children experience real-world financial responsibility while giving parents peace of mind.
Here’s how it helps families navigate the cashless transition confidently:
Encouraging Independence
The OCBC MyOwn Account is opened in the child’s name. This helps them feel a sense of ownership and pride in managing their money. Parents set it up securely through the OCBC app, ensuring full parental control from the start.
Safe, Monitored Spending
Parents can track their child’s transactions in real time through a parent dashboard on their OCBC app. Parents get a notification alert for every payment, transfer, or withdrawal. This unique feature allows kids to explore money management while keeping parents in the loop. Parents can also set spending limits and schedule transfers for pocket money.
Digital Payments Made Easy
Children can make purchases safely using PayNow or their very own debit card — perfect for situations where stores or kiosks no longer accept cash. It’s a simple way for them to adapt to modern payments while learning responsibility.
Security You Can Trust
Safety is a top priority. The app includes smart features like Money Lock, which allows parents to secure part of their child’s funds. Debit cards can be locked or unlocked instantly, and a “kill switch” feature lets parents freeze the account immediately if needed.
Learning Through Play
To make financial literacy fun, OCBC offers a Gen Alpha Financial Literacy Programme for account holders. Through engaging comics featuring popular Disney characters, children learn about budgeting, saving, and online safety in ways they can relate to.
Personalised Experience
Children can choose from attractive debit card designs featuring Marvel heroes or Disney characters, making the experience personal and exciting. It turns the idea of banking from something serious into something they can feel proud of.
Guiding Kids Toward Healthy Money Habits
Even with the best tools, parents remain the most influential teachers. Setting clear boundaries, encouraging savings goals, and reviewing spending together all help children develop strong habits.
Use the OCBC app parent dashboard as a learning tool — talk about how they spend, what they could save for next, or how they can set limits for themselves. These conversations build trust and nurture lifelong financial awareness.
Making Financial Learning Part of Everyday Life
Money lessons don’t have to be formal. A trip to the store or a weekend outing can become a moment to practice smart decision-making. Encourage your child to plan a small budget for meals or treats and stick to it.
When these experiences are supported by tools like the OCBC MyOwn Account, they reinforce learning through real actions. Children view saving and spending as integral parts of daily life, rather than abstract concepts.
Preparing for the Future, One Transaction at a Time
Helping kids navigate a cashless world isn’t just about teaching them to spend. It’s about giving them the tools, mindset, and confidence to thrive in a digital economy.
With the OCBC MyOwn Account, parents can support this journey every step of the way — ensuring that while children learn independence, they’re never without guidance. It’s an opportunity to prepare them for the future, where financial knowledge and safety go hand in hand.
Ready to Help Your Child Begin?
Parents can open the OCBC MyOwn Account conveniently through the OCBC app. It’s a quick, secure process that helps you take control of your child’s financial education.
To learn more or get started, visit https://www.ocbc.com/personal-banking/deposits/myown-account.
Give your child the confidence to manage money wisely — and the foundation to grow into a financially responsible adult. T&Cs apply. Insured up to S$100k by SDIC.
