Revolut announced Revolut Junior today, an app created specifically for users aged 7-17 years with the goal of promoting financial education among children through personalized tools and recommendations. Accounts will of course be managed by the parent or legal guardian through their Revolut app.
Revolut Junior will only be available for Premium and Metal customers in Italy following the successful launch in the UK last March.
The product features among its main components:
- Balance checks and transaction alert notifications with a new special section within the Revolut app that allows parents and guardians to manage children’s expenses;
- An exclusive card for juniors;
This is a good way to manage children’s pocket money with the ability to transfer money to the children’s account and access balance and transactions.
Parents will also be able to receive notifications of children’s expenses. The product includes security settings that allow the parent to control card functionality and transactions, such as online payments.
Additional features that will be introduced during the year include the ability to set automatic pocket money, tasks and goals, savings options, detailed expense reports, spending limits and assistance in developing children’s financial skills. Each feature is designed to keep parents and children in constant dialogue.
Aurelien Guichard, Product Owner of Revolut Junior says:
“Helping kids develop financial skills is what is driving us, so we’re proud to launch this product in Ireland and additional countries across Europe. 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”.