Digital transactions are on the rise, with cashless payments fast becoming the go-to, if not default, for everyday purchases like dining and transportation.

       A 2024 study by Yahoo Singapore and Milieu Insight revealed that 38 per cent of Gen Z Singaporeans prefer mobile e-wallets and digital payment services, while 41 per cent of millennials opt for contactless credit or debit cards.

       In Singapore, the minimum age to own a bank account is typically 16. For Gen Alpha — those born after 2009 into a world where digital technology is deeply integrated into daily life — learning to navigate cashless systems and manage their money digitally is becoming essential.

       To help this cohort take baby steps in learning about financial literacy, the new OCBC MyOwn Account allows children aged seven to 15 to operate their own bank accounts via an app, with parental controls in place.

       With this account, children can use their smartphones to make digital payments, scan QR codes at merchants and access PayNow. Young account holders will also receive their own debit card, available in a variety of designs, that they can use to make cashless payments.

       In the following review, a mother of a 10-year-old and a father of a 14-year-old share their experiences trialling the app.

       Up until now, my 10-year-old son’s experience with money has been as simple as me handing him cash for after-school lunches and snacks. Sometimes, Andreas saves part of this money, but I have no way of tracking his savings and expenses.

       So, when I heard about OCBC’s MyOwn Account I thought it could be a way to help him take the next step in managing his own money while I still keep a watchful eye.

       Opening the MyOwn Account was straightforward. I did everything through my OCBC app. Once the account was set up, I installed the OCBC app on a phone that my son uses only when necessary (he does not have his own device, yet). Andreas created his own login credentials and learned how to set a strong, unique password for security — which made him feel quite grown-up. The app is simple and intuitive enough for a 10-year-old to navigate.

       A feature that stood out for me was the automatic weekly spending cap. Now, I can conveniently set up recurring transfers of pocket money to his account, from as low as $50 per week. This gives him the freedom to make his own spending decisions for the week and saves me from having to constantly remember to give him his allowance.

       This is one of several guardrails OCBC has set up to teach kids responsible money management. I can also monitor his account activity through a mirrored dashboard on my own app. All this data is also captured when he uses his debit card. Real-time push notifications keep me updated on his transactions, allowing me to adjust his spending cap. For now, I have deactivated the card’s cash withdrawals feature until he becomes more mature in handling money through experience and guidance.

       His account dashboard clearly shows him how much he’s spent and how much he has left for the week. It has prompted conversations at home about prioritising needs over wants — he’s learning that if he wants to buy a snack after school, he needs to think about whether he’ll still have enough for the next day.

       OCBC is also offering engaging comic strips to educate children on a variety of topics, including budgeting, digital banking and ways to use a debit card. It’s a useful tool for parents to have more money conversations with their kids.

       What I would like to see: A pie chart in the dashboard that visually summarises my son’s spending according to categories like food, education or transportation.

       Jassmin Peter-Berntzen, 43, is mother of Andreas Berntzen, 10.

       Truth be told, I’m happy for my 14-year-old teen to use cash until he is old enough to get his own debit card.

       Of course, banking, as with all things, is evolving and young people are exposed to digital and mobile modes of financial transactions much earlier.

       That’s where the OCBC MyOwn Account comes in helpful – it serves as a primer involving real money before the children become more independent.

       With the app, I can easily transfer pocket money to his account. For now, Ryan gets $150 monthly, which covers his lunch expenses and transport. I can also easily adjust the amount when he needs more to pay for books or CCA-related expenses.

       As he gets older, I’ll increase his allowance and give him more spending autonomy to plan and manage his expenses.

       The account dashboard allows him to monitor his own expenditure, giving him a taste of financial budgeting. This will come in handy when he is saving up for a new game or book, but more importantly it is a life skill that teaches self-reliance and responsibility with money. In a few years, he will probably want to save up for his graduation trip, and one day be looking at big-ticket items like a car or a home.

       What’s good about the account is that the dashboard is mirrored on my OCBC app – this way, I can have an overall view of how and where he spends his pocket money.

       I am also reassured to see features like Money Lock, which lets Ryan secure part of his funds against potential malware attacks. The app also has a “kill switch” that can freeze the account and deactivate the debit card. It also includes PayNow and Scan & Pay for QR codes, and I hear it is offering special deals and

       discounts at teen-friendly merchants.

       What I would like to see: A "virtual piggy bank" that lets kids set aside money for specific goals, like daily savings or larger purchases, teaching them to save regularly and develop financial discipline.

       Terence Lim, 43, is father of Ryan Lim, 14.

       For more information visit go.ocbc.com/MyOwnAcc

       Disclaimer:

       Insured up to S$100k by SDIC. T&Cs governing the OCBC MyOwn Account apply. Visit go.ocbc.com/MyOwnAcc to find out more.