Digital bank Revolut is looking to teach the youth safe ways to manage their money. As society transitions away from physical banks to ubiquitous, app-based financial services, Revolut sees an opportunity to accelerate money management skills for life.
Today, Revolut is launching “Revolut Junior” – a money management app for kids aged 7 to 17. Revolut Junior aims to promote financial literacy among young people through tailored money tools and advice. The actual accounts are managed by a parent or legal guardian, from their own Revolut app.
Revolut explains that the app has three main components:
- A new Revolut Junior app, designed for kids can check their balance & get transaction alerts.
- A new specially designed section in the existing Revolut app allowing parents and guardians to manage their kids’ spending
- An exclusively designed Revolut Junior card for the kid
Parents will be able to manage their kids’ allowances as well as their own in one place simplifying things for the entire family.
Revolut says it intends on rolling out additional features throughout the year.
Aurelien Guichard, Product Owner for Revolut Junior, said that 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. 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 Junior will first be made available to UK Premium and Metal Revolut customers. An expansion is planned to additional regions in Europe and other markets in the coming months.