The Role of Parental Supervision in Children's Financial Activities Children are the next generation of the nation. The good and the bad of this generation are greatly influenced by the education in the family. One form of education in the family can be in the form of attention to children's financial activities, you know.
Research results OCBC NISP Financial Fitness Index shows the level of financial literacy in Indonesia in 2021 at 37,72%. To increase financial literacy, it is necessary to start with parents who are the first educators in the family in providing knowledge about education and financial supervision to children..
In supervising children, it doesn't mean that parents can limit their children, but rather to provide children with exploration space which is certainly under the guidance of parents. This also applies to children's financial activities.
So, what is the role of parental supervision in children's financial activities? Come see the following article.
Also Read: 8 Roles of Parents in Children's Financial Education
The Role of Parental Supervision in Children's Financial Activities
Attitude and Personality Shaper
The role of parents is very important in shaping the attitude and personality of a child. Children tend to feel more secure and comfortable studying in a family environment because most of their time is spent with their family.
Giving Financial Lessons
In addition to the formation of attitudes and personality, the financial learning process is also important to be carried out in the family because it is not contained in the formal education system.
Financial learning is one of the factors that determine someone to achieve financial goals in the future, including saving, using money, investing and various other financial activities. It also needs guidance and attention from parents.
Supervise Financial Activities with Whiz
The role of parents in supervising children's financial activities can guide children in learning various kinds of financial activities.
How to supervise children's financial activities?
The Whiz Financial Application is the first financial application in Indonesia with the Monitoring feature (Parental Controls). This feature helps parents to monitor their children's financial activities.
Parents can view the activity of expenses, income, savings and tasks of the child. In addition, parents can also provide limits for several things such as spending limits per week, locking children's accounts, and activating notifications for each child making a transaction.
The Monitoring feature is very helpful for parents to monitor how much financial activity their children are doing online real time. In the process of children carrying out financial activities, parents participate in guiding children to make wise financial decisions.
How to Use the Whiz Monitoring Feature
How to access this Monitoring feature can be done easily through the following steps:
1. Open the Whiz App and Click “See All”
Open your Whiz app. Then a screen will appear homepage like the picture on the side. After that, click “See All”
2. View Children's Financial Activity Progress and Details
You can see children's financial activities starting from the main balance, pocket, transaction history, and others.
Pretty easy isn't it? If children's finances are monitored and managed properly, they can become wiser people and are able to control their income and expenses.
How to Activate Parental Controls Whiz
After seeing a child's financial activity in the Monitoring feature, parents can also do several things to control their child's finances, such as receiving notifications for every child's transaction, locking their account and limiting their child's spending.
How to activate Parental Controls? Check out how below!
1. Click “See All” on the Page Homepage
To open Parental Controls, click “See All” or press the Watch section in homepage.
2. Select Child Account and Press the Button Parental Controls
After that, select the child account. To select an account, you can swipe on the profile photo, click on the arrow, or tap on the child's profile photo.
Then, press the button Parental Controls on the selected child account.
3. Select Parental Controls what will be activated
After that, select parental controls what do you want to enable on the child account.
You can lock the account, set spending limits for children. You can also activate notifications every time your child makes a transaction. (https://editorialrm.com/)
4. Activate “Lock Spend After Weekly Limit”
Slide “lock spending after weekly limit” to ON. After that, parents must set the weekly limit amount.
Children cannot make transactions after they have crossed the weekly limit.
After that, click Save
5. Limit Information Appears on Children's Accounts
When the weekly spending limit is active, the Weekly Limit section will appear on the child's home page.
The weekly limit section contains how much the child has spent, and how much of the limit is left.
When the child has exceeded the limit for this week, the child cannot make any more transactions.
6. Children cannot make transactions after crossing the limit
When the child tries to make a transaction, information such as the picture below will appear.
7. Activate "Send Notifications for Every Child's Transaction"
Slide "send notification for every transaction" to ON. After that, set the minimum transaction amount so that parents get transaction notifications.
Set the minimum transaction to 0 to get notifications for every child transaction, both large and small transactions.
Then click Save.
8. Example of Child Transaction Notification
A notification will appear every time the child makes a transaction.
The notification contains how much money was and to whom the money was sent, as shown in the image below.
Transactions that are notified include Transfers, Payments, and Requests.
9. Activating the Temporary Lock of Child Account Transactions
Slide “temporarily lock child account transactions” to ON. Then click save.
When the transaction on the child's account is locked, the child cannot make any transactions.
10. Transaction information will appear locked on the child's account
When the “Temporary lock for child account transactions” is activated, information will appear on the child's home screen, as shown in the image below.
11. Children Can't Make Transactions
When the child tries to make a transaction, information such as the picture below will appear.
By activating parental controls Children will be more disciplined in managing their finances. By applying a weekly limit, children's expenses can be more controlled. In addition, parents can also see their children's financial activities through notifications.
Also Read: The Role of Parents Educating Children: What is it like?
With the role of parents, indirectly there is room for children to learn responsibility, help make the right decisions, and teach financial concepts from an early age.
In addition, monitoring children's financial activities can be done easily with the Whiz Monitoring feature by setting parental controls. Children can learn to manage finances with more discipline and control.
Let's start monitoring and guiding children when doing their financial activities!
MONITOR CHILDREN'S FINANCIAL ACTIVITIES? USE THE WHIZ FINANCIAL APPLICATION!
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