Global financial fintech Revolut, which has over ten million customers in the UK and Europe, has today launched its latest product, Revolut Junior – a specially created money management app for parents and kids aged 7-17.
Revolut Junior aims to promote good money habits at an early age within safe parameters, guided by a responsible adult. 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.
The product has three main components: a new Revolut Junior app, a new specially designed section in the existing Revolut app allowing parents and guardians to manage their kids’ spending and an exclusively designed 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.
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Parents can also get notifications to alert them of their child’s spending.
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.
Aurelien Guichard, Product Owner for Revolut Junior said: “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.
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“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.
Jill Docherty, Executive Director, Business Development, UK & Ireland at Visa said: “It’s important to teach children good financial habits from an early age including how to pay, save and spend wisely.
“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.”