There is a bank that would provide any child of 8 years old, or older with a bank account. This will be similar to a checking account, but there will be no checks. Instead, the child will receive a Discover debit card which will link with their bank account, and any money withdrawn or spent with the debit card will go against their account. The child will be responsible for spending money on what’s important to them. They will also be encouraged to save. Children under 8 will not be able to get a bank account. Instead, they will receive cash.
I will give each child a certain amount of money to help them cover for these expenses. If they wish to have more, they can do chores around the residence, and perform the duties assigned to them. Any income they receive from me will deposit into their bank account on the first of the month. If a child receives a source of income that goes to the guardian, the child will receive ½ of that money with the rest going to the care of that child. Even though the money goes to the guardian, it is really not theirs, and for the welfare of the child, and that is where that money will go to.
All children receiving money will be required to learn how to budget, and how to spend money they receive. As mentioned, a child will receive an amount of money as an allowance. However, they will need to learn how to make use of that money. With that said, I will teach the children personal finance, and how to budget. Since this uses very basic math (addition/subtraction), most children should be able to grasp this once they learn these math skills.
Once the child leaves my care, they will be able to keep the account, and debit card. However, I will need to work with the new guardian on transferring primary control over to them rather than me having primary control over the account. I will only hope that the new guardian will support the personal finance teaching that I gave to the child.