Well, believe it or not there is a revolution that is teaching students, and teenagers how to become financially literate. For many parents, teaching financial management to their children can be an almost impossible task. But, perhaps there is now an answer.

So what this new financial management revolution? Well it’s still early days but it comes in the form of a “Pre-Paid” card, which is very much like a debit card. It is PIN-based and endorsed by and bearing the logo of a major credit card carriers, such as MasterCard or VISA, it can be accepted by the myriad businesses, restaurants and shops around the globe that accept those cards.

It is the parents that decide how much money is put on the card each month, but the child or students job to manage their own finances from there. They know exactly how much money they have each month and they will need to budget accordingly.

The great thing is that so far, this new financial management tool is an all round winner. Parents know exactly how much money they are giving their children, instead of handing out money many times a month for outings or clothes. Of course they also have the knowledge that their child has no choice but to use the card responsibly or face the consequences, (being broke!).

It is also possible for parents to set parameters for the cards in terms of where they can and cannot be used. That way if there are certain types of establishments where you don't want your son or daughter to spend the money you're giving them for living expenses, they can be blocked. This is done by business categories though, not by individual establishments. This feature is part of what makes this type of card a financial management tool. It's ideal for youths who aren't quite ready to have an actual debit card or credit card.

Children and students also love the new Pre-Paid card. I know I would have liked one when I was a child. Although they have to learn financial management they are getting a sense of freedom and independence in return, and for young people this feeling is very important.

People in the financial industry who sell these cards love them too. These cards usually have a modest activation fee and a minimal monthly use fee. A sales agent receives a commission for each card issued as well as a portion of the monthly fee for as long as the card is active. This makes it a win/win for families and for the banking card industry.