FinTech Magazine takes a closer look at Revolut’s new banking service for children, Revolut Junior.
Money literacy is not something that is usually taught in schools. For many, understanding how to save and spend is taught by parents and guardians, or in some cases, the hard way.
Teaching children and teens the value of money from a young age is a way to equip them to be sensible in the future, and so Revolut has introduced Revolut Junior, a Revolut account designed specifically for young people aged 7-17, with an overarching control from parents or guardians.
Control of finances
To ensure that control remains with the parent or guardian, they can transfer money to the account, as well as alter the security settings.
Much like Revolut's standard services, the account provides instant spending notifications, and the account controller will also be updated with all of these notifications
In the spirit of most digital banks, setting up the account has been designed as a straightforward process. Parents or guardians can sign up for the account through their own dashboard, by clicking on "Junior accounts" and filling out the child's information. They can then order a card for the child, and add money to their card from the account.
Unlike the classic Revolut account, the dashboard is optional for Revolut Junior. Children and teens can download the app via a QR code provided on the account creator's dashboard, or just work with the debit card.
The balance between security and freedom
If you're worried that a child may go and spend all of their money on sweets, the account holder can control which merchants the child or teen can use the card for. They are also automatically blocked from using age-restricted merchants.
This financial inclusion will nurture a greater understanding and management of money from a younger age, giving children the opportunity to better understand the value of money. Revolut emphasises that the junior account is focussed around trust and respect, which will assist younger people in understanding the value and management of money.
The UK challenger hopes to soon provide more support for recurring allowances, new tools to encourage saving towards goals, as well as a rewards section for children doing chores.
The service is currently available to Revolut Premium and Metal customers in the UK.
Did you know? Revolut won innovation of the year at the British Bank Awards 2020.
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