Using an idea from Sylvan C. Coleman, Professor of Financial Management, and Senior Associate Dean of Harvard Business School, Peter Tufano, the S-card: Save a Little, Spend a Little program is geared towards encouraging gifting savings. Tufano asserts that saving should be as easy as spending and gifting savings to a young person should be a simple process.
One solution is a reloadable card that could separate out spending, savings and charitable donations, all with the protection of parental control. The S-Card (super card) will allow for multiple pockets of funding, helping children learn about all aspects of financial management. Additionally, the parent will be able to create matching rewards for savings and charity goals that their child achieves.
Contact us to learn more about this idea from Filene i3.
Partner Executive- Northeast Region
Mountain View Advisors, LLC