Digital banking app Revolut has announced the launch of a new money management app to help kids and teenagers develop financial skills and independence. Revolut Junior is designed for 7 to 17-year-olds, allowing parents or legal guardians to manage their children’s allowances and have an overview of their spending.
The London-headquartered fintech said Revolut Junior accounts can only be created by a parent or legal guardian who is an existing Revolut user. The account offers the tools and experience to equip young people with financial skills they will need by the time they become financially independent.
“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 help of parents and guardians,” said Aurelien Guichard, product owner.
“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.”
Revolut, which now boasts over 10 million users in the UK and Europe, said its new product contains a Revolut Junior app, an exclusively designed card and a new section in its existing app allowing parents and guardians to manage their children’s spending.
The company plans to add additional features throughout the year including 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.
Only Premium and Metal customers in the UK will have access to Revolut Junior in the first stage of the rollout, with expansion planned to additional regions in Europe “in the coming months”.
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 and expansion markets in the near future.