United Kingdom-based e-banking app Revolut has created a spending app just for kids.
Revolut Junior, a financial service for kids that includes a prepaid card and access to a parentally-supervised bank account through the app, teaches users about money management from a young age. Parents can get alerts about kids' spending, set controls for how kids use their money, and freeze and unfreeze the account any time.
The premium version of the app includes a suite of educational tools. Parents can set rewards for chores, so for example, they can give their children $1 every time the children clean their room and 50 cents when they set the table. Children can set saving targets for products they want and see their progress in the app's Goals section. Kids without access to smart phones can use their card app-free.
The service is targeted at kids ages 7-17, and permissions are set by the parent/guardian, so the app's functionality can grow as the child grows. “It’s all about beginning to have conversations around money that are enjoyable and fun too,” the Revolut blog explains. “Revolut Junior is the starting point for you to help them grow up feeling confident about managing their money.”
The PSFK team featured Revolut Junior as one of the ways that banks are using targeted programs to be accessible to a wider audience. Check out more at our “Democratizing Financial Services for a New Consumer Demographic” research paper.