How Parents Can Help College Students Manage Money and Avoid Mistakes
Parents can transfer money to a child’s Google Wallet balance, and the child can spend it in stores with tap-to-pay on compatible Android devices.
- On Monday, Google Wallet launched a new feature for parents in the U.S., allowing them to set up a secure balance for children under 18 without opening a traditional bank account.
- Children can make in-store purchases using tap-to-pay on NFC-enabled Android or Wear OS devices, while parents maintain oversight by monitoring transactions and setting spending limits through Family Link.
- Because the system lacks a physical card, kids are restricted to in-store tap-to-pay transactions and cannot check out online; parents can instantly lock or unlock the balance for security.
- Lisa Yokoyama, Director of Product Management at Google Pay, described the tool as a "safe and simple way to manage their kids' money," positioning it as a digital alternative to traditional accounts.
- This launch arrives during back-to-school season, providing a practical method for teaching financial responsibility as parents discuss spending habits and help teens build independence before managing money on their own.
29 Articles
29 Articles
The Independent
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Associated Press News
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How parents can help college students manage money and avoid mistakes - The Mexico Ledger
How parents can help college students manage money and avoid mistakesSending your child off to college is a big milestone, and for many parents, it’s the first time their teen will be managing money on their own.Talking about money is important in Louann Millar’s family. Millar, who is leader of youth and student banking at Wells Fargo, has two teenagers who, as in many families, are very different in how they think about and approach money. “On…
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