Abstract: A financial management control, training and use system and process allows a parent to create an account which is fully managed by the parent, but is for use by a child. A physical financial card, such as a smart card, debit or credit card, is created for a child of the parent. By means of a software application, a parent establishes parameters associated with the child's use of the account and financial card, including a budget for the child and spending restrictions for the account and/or financial card. The child may be required to go through interactive lessons, quizzes or educational games in order to unlock his or her account or make purchases. Activities associated with the account and financial card, including purchases, are tracked and a report is provided to the parent and child.