UK challenger bank Revolut is the latest company to launch a service for teaching kids how to manage their money.
Revolut Junior is a new money management app designed for children between the ages of seven and 17. It is set up to promote financial literacy among young people through tailored money tools and advice.
Just like in similar apps such as PCKT Money, parents will manage their children’s accounts on Revolt Junior. Among other things, mother and fathers can be sent notifications to alert them of their child’s spending.
Only kids with parents who are existing Revolut customers can open a Revolut Junior account. Initially, only UK Premium and Metal Revolut users will be able to tap into the service. Revolut plans to roll out the service across Europe in the next few months.
The idea is that parents will be able to manage their kids’ allowances as well as their own in one place, turning Revolut into a one-stop money management solution for the entire family.
“Helping kids develop financial skills is what is driving us,” said Aurelien Guichard, product owner for Revolut Junior. “Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians. Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”
The app is supported by Visa, the payments giant. “It is important to teach children good financial habits from an early age including how to pay, save and spend wisely,” said Jill Docherty, executive director of business development in the UK and Ireland at Visa. “Visa is proud to support Revolut with the launch of ‘Revolut Junior’ working together to create products that help the younger generation learn about money management.”
Nevertheless, Revolut is not the first company to launch an app to teach children money management skills. The past few years have seen a wave of family-oriented FInTech companies enter the market.
PCKT Money, Jassby, Greenlight Financial Technology and Pigzbe have all introduced similar services over the years.
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