Justin Bieber urges teenagers to learn to budget - New York News

Justin Bieber urges teenagers to learn to budget

Updated:
By Brian Nicholson, Deseret News. Justin Bieber arrives on the stage in front of adoring fans during his concert at EnergySolutions Arena in Salt Lake City on Jan. 5. By Brian Nicholson, Deseret News. Justin Bieber arrives on the stage in front of adoring fans during his concert at EnergySolutions Arena in Salt Lake City on Jan. 5.

By: Amberlee Lovell, Deseret News

Teenagers are urged to “have a talk with your family about money” by Justin Bieber in new advertisement videos for SpendSmart Payments Company.

SpendSmart offers a prepaid debit card for teenagers, according to a recent Forbes article. Bieber has a 14-month contract to discuss financial literacy and encourage other teens to share their videos.

SpendSmart's card has a MasterCard logo but alerts parents through text when purchases are made on it. Parents can choose to block specific purchases, such as those made on websites, or they can instantly lock the card if they see anything questionable.

Though profitable for Bieber, who is making $3.75 million plus royalties on the campaign, this card may not be so profitable for parents and teens, according to an article by Fox News. Various fees are charged, as is customary with prepaid debit cards.

A monthly $3.95 charge for the card adds up to about $50 per year. There are also loading, withdrawing, balance inquiry and inactivity fees.

“It is a good thing and part of parenting to teach kids how to manage their money responsibly, but there are different ways to go about it,” Michelle Jun, senior attorney at the Consumers Union, told FOX411's Pop Tarts column. “This card is in the middle of the pack; it is not the cheapest card. There are definitely cards out there that are lower.”

Bieber, who earned $55 million in 2012, said his family didn't have a lot of money when he was growing up and had to watch the money they spent. Bieber said this is where he learned to spend less than he earns and to create a budget.

This is not the first time Bieber has made financial news. His money decisions and purchase of a luxurious hybrid car have garnered attention.

Original post

Copyright 2013 Deseret Digital Media, Inc.

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