Also, they say schools, parents and other institutions need to better educate young people about personal finance to make sure they understand their responsibilities. The group is funded mostly by major credit card companies and banks. Duguay said only a handful of states require schools to include personal finance in the curriculum. Before their father handed over the Visa Buxx card, Alex and Amanda Sims said, he made them take a quiz on financial responsibility on Visa's Web site to understand how the card works. Now, they said, they're much better at managing their money and, because they don't carry cash, they spend less.
Some parents agree, and see the teen credit cards as educational tools.
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