Annie Nelson ’11
Features Editor

While most of today’s parents did not have exposure to credit and debit cards in their youths, many kids today already have their first money management experiences as cardholders.

According to a 2005 survey conducted by Nellie Mae, a student loan company, 76 percent of undergraduates in 2004 began their freshman years of college with credit cards.

Now, many high school kids receive, if not credit cards, debit cards to use in the years prior to college. This seems to be true at Staples.

Olivia Bicks ’13 said she got her debit card – as did her sister, Emily Bicks ’12 – near the end of last summer. Although she doesn’t use her card while out with her parents, Bicks still finds a tremendous use out of her little piece of plastic.

The money in Bicks’ bank account is her own, earned from babysitting jobs and allowances galore over the years. This money is spent when she goes to the movies, or shops for clothes with friends.

Bicks says she likes her card for its convenience, because she is able to carry less cash around.

Her mother, Jill Bicks, is pleased with the decision to give the girls debit cards, which provided an easy way of giving them allowances. The practice, she says, also instills a sense of financial responsibility within her teenagers.

“My feeling is that every kid should know [how to manage money],” she said. “They might not be really good at it right from the get go, but it will teach them, and it gives me an opportunity to teach them while they’re still living with us.”

Jill Bicks is able to manage her daughters’ accounts, through a website which the girls have access to, as well.

George Birch ’11 received his debit card around two months ago, and says that since, there is a notable reduction of conflict with his parents. “It eliminates the hassle of asking [my parents] for money,” Birch said.

Jill Bicks also noted that the people at the bank encouraged her to give her children debit cards.

She explained that when kids get debit cards immediately before going to college, they are often not as skilled in dealing with their own money.

This way, she believes her kids will be more responsible with their money by the time they get to college.

“It helps build trust because [I] can actually see how they’re doing with their money,” Bicks said. “It’s worked out very well; everybody’s very happy with it.”