Digital bank Revolut announced on Monday its service Revolut Junior is now offering a new feature called Co-Parent. According to Revolut, Co-Parent was created to supervise their child’s Revolut Junior account and make learning about money easy and fun together, because teamwork makes the dream work.
As previously reported, Revolut Junior is designed for young people ages 7 to 17 years old and offers them the freedom to manage their own money and build essential financial skills. The accounts are overseen by parents or guardians for added security and peace of mind.
“Parents can create a Goal for their kids and watch their progress as they save. Kids can also create Goals for themselves through the Revolut Junior app, with or without a target value, which can be tracked from the parent’s app. Parents can fund the Goal directly, or kids can fund it themselves from their allowances or by completing their tasks.”
Revolut Junior currently has three key pillars, which are Allowances, Tasks, and Goals. Revolut noted that the latest addition makes it as easy as possible for kids to learn the importance of saving.
Revolut reported that those who are on paid plans (Premium and Metal) will benefit from the new Co-Parent feature at no extra cost. The lead parent can invite a Co-Parent to join Revolut on any plan, including a Standard plan. The Co-Parent could be another family member, carer, or guardian who is responsible for the financial wellbeing of the kids.
“Parents and guardians can use Revolut Junior to teach their little ones important lessons about finances and responsibility so they become more informed with each passing day. Both the lead and Co-Parent can use Tasks to teach children the value of money, Goals to help them learn to save and top up Allowances when they deserve a reward or just their weekly pocket money. Both will have full oversight of the child’s Revolut Junior account.”
Speaking about the feature, Felix Jamestin, Head of Premium Product at Revolut, stated:
“We have added the Co-Parent feature to Revolut Junior so parents, guardians and carers alike can come together to teach their kids valuable skills for life. We have made sure that those with unconventional or multigenerational families will also be able to use this, so not only parents but grandparents, carers or members of their wider family can also support their child through their financial education with Revolut Junior.”
Revolut concluded that to add a Co-Parent to Revolut Junior, the lead parent can head to the Junior tab to find the Co-Parent invite link at the bottom of the screen.