Reading : Giving kids credit cards

Hong Kong social enterprise teaches money management skills by giving kids credit cards

Hong Kong social enterprise is teaching kids about money management by giving them prepaid cards.

Solomoni is a free financial education app that comes with Hong Kong’s first Visa card for children. It was designed for children from six to 18 years old. The card and app allow parents and young users to monitor expenses and set savings goals.

The app was developed through Project Morals & Money (Project M²), a social enterprise project under Solomon Learning Group. The initiative aims to instil financial literacy and ethical financial habits from an early age.

Yeung Tsz-yu from Maryknoll Convent School (Primary Section) appreciated how the app tracks her spending: “It helps me monitor my spending patterns and see where I need to adjust,” she said.

Solomoni was piloted in 15 schools in 2023, reaching nearly 1,000 students and parents. It offers interactive features that parents and children can use together, such as earning money through tasks, setting savings goals, tracking spending, and donating to charity.

The cards are stored-value cards and can only be used when the account has enough money. This teaches children to spend within their available funds.

Money management skills to help you save and make good financial decisions

Encouraging good habits

The social enterprise behind Solomoni has also launched a series of online lessons about money management skills.

Alison Chan is the co-founder of Solomon Learning Group. She said that 80 per cent of parents surveyed believe they will need to support their children financially even after they finish university.

“If parents can instil financial concepts early on, it teaches patience and the importance of delaying gratification,” she said. “Earning money helps children understand that nothing comes easy, that hard work is necessary, and that they must take responsibility.”

She also stressed the value of charitable giving, a practice that is encouraged on the app. “Donation is crucial because it fosters compassion and empathy – qualities that are essential in great leaders.”

New way of spending

Sylvia Chan May-kuen is the principal of Ying Wa Primary School. She said financial education was especially important in today’s digital world.

“We used to handle cash, calculate change, and physically save money. But now, with digital payments, a moment of impulse can lead to an instant purchase,” Chan said. “Schools play a key role in teaching them how to make choices – whether in communication, problem-solving, or money management.”

Students were excited about the lessons they could learn from the app.

“I’m most interested in learning how to evaluate whether a purchase is worth it – comparing cost and benefits,” said Jayden Wong Ban-yin, 11, a Primary Six student at Ying Wa Primary School

His classmate Karston Chan Hin-wang, 12, had similar ideas. “I don’t usually spend much unless it’s something essential,” he said. “I also consider the cost-performance ratio before making a purchase.”

Karston believed learning financial education skills at a young age would benefit children. “Eventually, we won’t be relying on our parents to pay for everything,” he said. “Since we’ll need these skills sooner or later, why not learn them early and adapt to managing money independently?”

Glossary : 

You can practise new words here 

social enterprise	doanh nghiệp xã hội
money management	quản lý tiền bạc
prepaid card	thẻ trả trước
monitor expenses	theo dõi chi tiêu
set savings goals	đặt mục tiêu tiết kiệm
initiative	sáng kiến
instil	truyền dẫn, thấm nhuần (thói quen, tư tưởng)
ethical	đạo đức, có đạo lý
spending patterns	thói quen chi tiêu
interactive features	các tính năng tương tác
stored-value card	thẻ giá trị lưu trữ (chỉ chi được số tiền có sẵn)
delaying gratification	trì hoãn sự thỏa mãn (đợi điều tốt hơn trong tương lai)
charitable giving	quyên góp từ thiện
impulse purchase	mua sắm bốc đồng
cost-performance ratio	tỷ lệ chi phí-hiệu suất (giá trị nhận được so với số tiền bỏ ra)

Questions

1. Based on your understanding of paragraph 1, why does the writer highlight that the Solomoni card is “Hong Kong’s first Visa card for children”?

2. How does the app help children monitor their spending, according to paragraph 2? (2 marks)

3. Paragraph 3 mainly discusses … 

A. how Solomoni rewards children with money for good academic performance.

B. the importance of ethical behaviour in business.

C. how the app promotes responsible financial habits.

D. the features of Solomon Learning Group's app interface.

4. What does paragraph 4 suggest about children’s attitudes toward the app? 

A. They find it boring and difficult to use.

B. They feel it invades their privacy.

C. They find it helpful and insightful in managing money.

D. They think it encourages them to buy more things online.

5. What does the word “stored-value” in paragraph 5 mean in the context of the card?

6. According to paragraph 6, why do parents believe early financial education is necessary?

7. What is the purpose of mentioning “donating to charity” in paragraph 6?

8. Find a phrase in paragraph 7 that refers to “spending money without thinking carefully”.

9. Based on your understanding of paragraph 8, Karston Chan would most likely … A. avoid buying items unless they are necessary and provide good value.

B. prefer using his parents’ credit cards for big purchases.

C. encourage others to spend more freely while they’re young.

D. think that managing money is the responsibility of adults only.

Answer Key

1. To emphasize the uniqueness and innovation of providing a Visa card specifically designed for children in Hong Kong.

2. The app allows users to track their spending and set savings goals, helping children monitor their spending patterns and adjust accordingly.

3. C. how the app promotes responsible financial habits.

4. C. They find it helpful and insightful in managing money.

5. It means the card can only be used if there is money already loaded onto it – children can only spend the funds that are available.

6. Because many parents believe they will need to support their children financially even after university, and they want to teach them responsibility and patience early on.

7. To highlight that the app not only teaches saving and spending but also promotes generosity and empathy, which are important for leadership and character development.

8. “a moment of impulse can lead to an instant purchase”

9. A. avoid buying items unless they are necessary and provide good value.