Families regularly allocate a portion of their budget for children's education, healthcare, and development. These expenditures are often inherent in raising children. However, few parents realize these very expenses can become a tool to introduce children to finance and foster early saving habits.

Addressing this, VIB developed the "Mom spends - Child saves" feature within the VIB Junior Banking ecosystem. This solution, designed for children aged 6 to 15, integrates parents' financial activities with their children's learning and practice journey. It operates through the Maxtopia digital financial space, a Family Link card set, a Junior Smart Card, and the Future Savings online savings product.

The "mom spends - child saves" feature on VIB Junior Banking. *Photo: VIB*

The model utilizes two tools tailored for two generations within the family. Parents use Family Link cards for needs such as education, healthcare, insurance, and daily expenses. Simultaneously, children receive Junior Smart Cards to gradually learn about financial transactions under family guidance and control.

Parents can leverage their daily expenditures to create opportunities for children to access finance, without needing to set up separate funds or alter spending habits. Each transaction from a parent's Family Link card earns reward points, with a rate of up to 10% for education, healthcare, and insurance categories. These reward points can be converted into cash, eVouchers, or annual fees via the MyVIB application. They can also be transferred to the child's linked Junior Smart Card. Total accumulated points and cashback can reach 12 million dong annually.

Significantly, this mechanism incurs no additional costs for parents. Existing investments in children's education and health now gain an added layer of value. Families avoid opening separate funds, changing spending habits, or dedicating time to dry financial lectures. Instead, familiar daily activities become the foundation for parents to discuss goals, saving, and the value of money with their children.

Building on this foundation, the Junior Smart Card serves as a practical tool for children. While the Family Link generates initial value, the Junior Smart Card is where children progressively learn to use, manage, and track their money. This approach moves financial access beyond simply receiving pocket money to a more proactive experience.

The product offers a lifetime annual fee waiver and allows points accumulation for all transactions. This helps children familiarize themselves with digital financial tools in a secure environment with family support. Children can also proactively redeem reward points for gift vouchers, cash, or gifts directly on the application, with operations taking less than 30 seconds.

Furthermore, through the Maxtopia digital financial world on the Max application, children can earn additional reward points by completing tasks assigned by parents, thereby understanding how to create value. Children can also deposit their savings into the Future Savings electronic passbook to directly observe their money grow over time, providing tangible motivation to maintain saving habits.

According to a bank representative, many parents consider financial education a topic for adulthood. However, studies indicate that initial perceptions of money often form very early within the family environment. With "Bank for Children," VIB aims to partner with families, integrating financial education naturally into daily life through familiar daily expenditures.

To celebrate the launch of "Bank for Children," VIB is offering attractive promotions and gifts for parents and children, including: an annual fee waiver when opening a new card; a MindX scholarship worth 500,000 dong, a thermal cup set, an umbrella, a luggage tag, and a mini fan when subscribing to products and services.

Hoang Dan

Learn more about the Junior Banking solution suite and VIB's promotions here.