Morgan Stanley (NYSE: MS) reveals that it has teamed up with Greenlight Financial Technology, Inc. in order to bring families an “easy, convenient way to teach kids about personal finance.”
All Morgan Stanley CashPlus brokerage account holders are now able to sign up for a complimentary Greenlight subscription, “complete with Greenlight debit cards for each child and a companion money app for the whole family.”
The announcement also mentioned that Greenlight teaches kids and teens invaluable money management skills via its app and debit card that “instills lessons in earning, saving, spending wisely and investing.” With Greenlight, parents also have “a better way to manage family finances with automatic allowance payment, chores tracking, flexible spend controls and more.”
Paul Halpern, Head of Deposits and Banking Services, Morgan Stanley Private Banking Group, stated:
“Many of our Morgan Stanley CashPlus account holders are families looking for a better way to manage their money while continuing to build long-term wealth for their family. Greenlight brings our clients a way to also teach their children about the world of money, ensuring the next generation has the knowledge and skills they need for a healthy financial future.”
Tim Sheehan, Co-founder and CEO of Greenlight, remarked:
“Parents know it’s important for their kids and teens to grow up with healthy financial habits, but many don’t know where to start and schools don’t always give them the tools they need. Partnering with Morgan Stanley, a global leader in financial services, allows us to bring Greenlight to even more families, empowering parents to raise financially-smart kids.”
Morgan Stanley CashPlus provides customers with a viable alternative to banking. CashPlus is designed for cash management requirements, while providing an extensive range of benefits – from unlimited ATM withdrawals to “easy online bill pay to no foreign transaction fees – and a seamless digital experience.” Greenlight is “the newest benefit now available to all Morgan Stanley CashPlus account holders,” the announcement noted.
Morgan Stanley’s CashPlus account holders will “receive Greenlight’s $4.99 monthly subscription plan complimentary when they sign up for this program.” After being enrolled, a customer may “add up to five family members to the Greenlight account.”