Chicago-based wealth management firm Northern Trust has partnered with Greenlight to provide financial literacy services for families.

Greenlight will provide a platform on which children can learn how to earn, save, and spend money with parental supervision.

As a result of the partnership, Northern Trust customers will have access to Greenlight’s family finance app and debit card, available through the Greenlight for Banks programme.

Northern Trust said the partnership will provide its customers with “teachable moments” which will help them to build healthy money habits and manage wealth responsibly.

Research conducted by the Northern Trust Institute found that 79 per cent of high-net-worth families have provided their children with access to financial education. Yet almost half of parents still have concerns about how prepared their children are to manage their money.

“In addition to families talking openly and honestly about finances, children need hands-on money management experience to prepare them for a lifelong journey of financial responsibility,” said Pam Lucina, chief fiduciary officer for Northern Trust. “The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”

Earlier this month, Google announced that it had partnered with Greenlight to put a virtual debit card onto its smart watch designed for children.

Children can spend money without the need for a physical card or phone whilst parents can send money to their children, automate payments and set spending controls through the app.

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