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Justin Bieber teams up with SpendSmart to encourage financial literacy among teens

Credit_CardNineteen-year-old pop star Justin Bieber has partnered with SpendSmart to promote its prepaid credit card products among more than 90 million of his Facebook and Twitter followers.

“…Managing your money is important, and there’s a great company that can help you do that, called SpendSmart,” Bieber said in a video.

Noreen Jenney Laffey, the president of the Celebrity Endorsement Network, called SpendSmart’s decision to use Bieber to promote their products “brilliant, as it is merging it into his social media network.”

Bieber is expected to post other videos on his YouTube channel, most of which will focus on educating teenagers on making smart financial decisions and encouraging financial literacy.

SpendSmart’s card, which features the MasterCard logo, has several features designed to help teens become more financially savvy and includes security features that can be controlled by parents.

If the card is used, parents are immediately notified via text messages and phone apps, and parents can block purchases from websites or lock the card if they see a suspicious purchase. SpendSmart said the real-time parental monitoring features help teenagers learn by creating “teachable moments.”

A spokesperson for CompareandSave.com, a U.K.-based price comparison site, called the partnership a “really interesting development” for the prepaid card industry.

“If SpendSmart and Bieber stay true to their word and focus the products on helping younger people achieve good financial literacy, we could certain[ly] see something like this being adopted by the U.K. prepaid credit card providers,” the spokesperson said.

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