Digital Banking for Parents: What to Learn for Your Children’s Future

The way we manage money has undergone significant changes in recent years. For today’s kids, in particular, “money” often doesn’t mean coins in a piggy bank or bills tucked into a wallet. Instead, it’s numbers on a screen that mean allowances arriving through an app, or online purchases for school, hobbies, or games. For them, digital transactions are just part of everyday life.

As parents, this creates an important new role. Beyond teaching the usual lessons about saving and budgeting, they now need to guide their children in using digital tools wisely. That starts with understanding how digital banking works, and then helping kids build good financial habits in this digital-first world.

Choosing the Right Digital Savings Account

One of the best ways to introduce kids to digital banking is by helping them open their own savings account with a BSP-regulated digital bank. Picking the right one matters, especially since you want to choose the best high-interest savings account Philippines banks offer. Not only will your child see their money grow faster, but they’ll also learn how online finance works in real life.

When comparing options, look beyond the brand name and check which features are truly helpful. Beyond the interest rate, the account should have:

• Little to no fees, so savings don’t get eaten up by charges.

• An app that’s simple enough for kids to navigate.

• A wide network to cash in and cash out.

• Parental controls, like alerts or spending limits, so you can stay involved.

So how do you actually open one? Most digital banks in the Philippines, like leading provider Maya, make the process quick and parent-friendly. Typically, you’ll need to sign up through the bank’s mobile app and provide basic details about your child, such as their full name, birthday, and address. For minors, parents or guardians typically act as the primary account holders until the child reaches legal age. This means you’ll also need to submit your own valid IDs for verification and sign consent forms. Some banks may also ask for a school ID or a birth certificate for the child. 

Once the account is approved, you can immediately deposit funds and start teaching your child how to monitor their savings on the app. The entire process can often be done in less than 20 minutes—no long lines at the bank required.

Another benefit of choosing digital banking is that many types of savings products are readily available. For instance, with Maya, you have access to Maya Savings, Personal Goals, and Time Deposit Plus. These can help teach not just financial discipline, but also how compound interest can make money grow over time with consistency. 

Teaching Kids Digital Banking Skills

When we were young, “saving” usually meant stashing coins in a jar or updating a passbook. Today’s kids use apps and online tools. While that may feel unfamiliar, it actually has an advantage: kids get instant feedback. They can see right away how deposits make their balance grow or how spending reduces it.

You can turn these moments into teaching opportunities. For younger kids, you might say, “If you save half your allowance every week, you’ll have enough for that toy in a month.” With teenagers, you can set bigger goals, like saving for a laptop or even helping with school expenses.

Some digital banks even include graphs and progress trackers. Kids often enjoy seeing their savings rise visually rather than just reading numbers. It makes the concept of saving less abstract and easier to appreciate. Plus, when they notice their money increasing not just from what they put in but also from interest, it’s a natural way to teach them about patience and the power of compounding interest.

Of course, money safety is also part of the lesson. Kids need to understand that protecting money means protecting information. Start with simple rules: never share PINs or OTPs, use strong passwords, and avoid suspicious links. You can explain it in a way they’ll understand: “Just like you wouldn’t hand your wallet to a stranger, you shouldn’t give out your banking details online.”

Leading by Example

Kids pick up lessons best when they see you doing them yourself. That’s why involving them in your own digital banking routines is so effective. The next time you pay bills or transfer money online, let them watch. Show them how you double-check account details, confirm the amount, and review receipts. These habits may seem insignificant, but they teach your child the importance of being careful with every transaction.

When you feel your child is ready, let them try small transactions with you by their side. Maybe they can pay for an online class or buy a small item online. With supervision, they’ll build confidence little by little.

It also helps to do regular “money check-ins.” At the end of each month, sit down and review their account together. Ask questions like, “How much did you save?” or “Do you want to adjust your goal for next month?” These conversations help children reflect on their choices and make better plans moving forward.

To make saving more fun, try turning it into a family challenge. For example, see who can save the biggest percentage of their allowance or salary in a month. This not only makes money lessons engaging but also shows kids that saving can be rewarding.

Preparing Kids for a Cashless Future

The Philippines is moving fast toward a cashless economy. QR payments at stores, digital wallets, and online transfers are already part of daily life. By teaching your kids about digital banking now, you’re preparing them for a future where almost all money management will happen online.

More importantly, you’re giving them confidence. Instead of being intimidated by digital tools, they’ll grow up knowing how to budget, save, and spend responsibly. They’ll also understand how to protect themselves, which are skills that are just as valuable as the money itself.

As parents, the money values we want to pass on haven’t changed: save wisely, spend carefully, and plan for the future. What has changed is the way kids experience these lessons. By blending timeless financial wisdom with today’s technology, we can prepare our children for success in tomorrow’s cashless world.