Financial platform, Revolut, has launched Revolut Junior – a specially created money management app for parents and kids aged 7-17 which aims to promote good money habits, guided by a responsible adult.
The service has three main components:
- A new Revolut Junior app, so users can check their balance and get transaction alerts.
- A new specially designed section in the existing Revolut app allowing parents and guardians to manage their kids’ spending
- A Revolut Junior card
Using their own, existing Revolut account, parents will be able to manage their kids’ allowances as well as their own in one secure place – giving them a one-stop money management solution for the entire family. This includes the ability to instantly and directly transfer money to their child’s account and access balances and transactions.
Parents can also get notifications to alert them of their child’s spending. The product includes security settings that enable the parent to control card and transaction functions, such as online payments.
Planned features that will be added throughout the year include the ability to set a regular allowance, financial tasks and goals, savings options, insightful spending reports, spending limits and eventually financial guidance for kids to help develop their financial skills. Each feature is designed to involve the parents and their child to facilitate a constant dialogue in the family.
In the first stage of the rollout, Revolut Junior will be available to UK Premium and Metal Revolut customers, with expansion planned to additional regions in Europe in the coming months.
Helping kids develop financial skills is what is driving us. Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with the 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.
Aurelien Guichard, Product Owner, Revolut Junior