Despite the settings, your children can run up bills through third party applications (games) with no limit. If you cancel the payment immediately as you didn't authorise it, PlayStation will block you on the network and say you have to pay or they will permanently put a ban on the console so you can not even sell it on. Parents avoid!
I tried to get hold of PSN support on FB, Twitter, Reddit and PSN with ZERO results because this company wanted my MONEY, as it cost me to buy the PS5 but doesn't wish to back up their product!
"I loaded some PS5 and PS4 games. Sniper 5 Elite for instance (PS5 Version) I start the game, click on Play and all of a sudden it restarts and says it was shut down incorrectly, (an example would be during a power outage when it shuts down and restarts and repairs the drive) well this is what it does and I have not turned it off. Nor was there a power outage So I tried Sniper 4 Elite (PS4 version) and it does the same thing! So after reading a post I restarted the system deleting everything and started loading the games again. Sniper 5 Elite just completed the download and the message was that I was able to play, and once again it shuts down, says it was turned off incorrectly and restarts with repairing the drive due to the power shutting off. Well I didn't turn the power off. This happens when trying to play the game, while in the game and I have a UPS therefore it is not a power outage. I tried contacting PSN support but their website no longer allows this. I tried Twitter and Facebook. There is no way to contact Playstation support. I guess I will have to send it in for repair, and I can only hope that it can be repaired! I wish I could get my money back and buy a XBOX now because of this BAD EXPERIENCE!"