Core Insights - The article discusses the evolving financial landscape for parents and teens, particularly focusing on the timing and implications of giving teens debit cards [1] Group 1: Attitudes Toward Cash and Spending - A generational shift is evident, with over half of Gen Z indicating they are more likely to overspend when using cash, and nearly a third perceiving cash users as "out of touch" [2] - 53% of Gen Z respondents reported using cash only as a last resort, highlighting a preference for digital payments [2] Group 2: Financial Management Among Teens - Many Gen Z consumers are utilizing checking or savings accounts, yet 46% have less than $500 saved, indicating low savings levels [3] - Limited awareness of interest rates is a concern, with only 44% of respondents knowing the rate on their savings account [3] Group 3: Benefits of Debit Cards for Teens - Debit cards are increasingly seen as a tool for teens to develop financial skills, with most banks allowing teens as young as 13 to open accounts with a parent or guardian [4] - Parents view debit cards as a means to help children practice budgeting while maintaining oversight [4] Group 4: Impact of Parental Guidance - The Cash App survey indicates that providing teens with access to debit cards or savings accounts has led to increased financial independence, more responsible spending, and enhanced budgeting confidence [5][8] Group 5: Incentives for Saving - A significant finding is that over three-quarters of Gen Z would save more if they earned interest, prompting Cash App to expand its 3.5% APY savings feature for teens [6]