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.
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30 Articles
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