Revolut's app for kids and teenagers has now surpassed over 2 million users worldwide and has been updated with a new look and extra features.
Anyone with kids will know that the demands for money are almost never ending!
And whatever about the financial pressure it puts on parents, the demands for money can also bring worry - how can you be sure that your children are spending their money on the right things? And if you give your children cash, will they even be able to spend it as we move towards a less cash-based society?
Well Revolut realised all this when it launched Revolut <18, its money management app for kids and teenagers, a few years ago. And it's now been updated with a refreshed look and some nifty new features.
So if you've young kids or teenagers and have yet to sign up to Revolut <18, this might be a good time.
But first, a reminder...
What is Revolut <18?
Revolut <18 (previously Revolut Junior) is essentially a current account aimed at children and teenagers between the ages of six and 17 that comes with parental controls.
Youngsters have access to their own account (accessible through a mobile app on their phone), their own debit card, as well as lots of features tailored for kids. However parents and guardians are always in full control of the account.
The parent’s Revolut app has a separate section which allows them to manage their child’s finances, transfer money to their child’s account, as well as control the money going in and out of the account. They're also able to view account balances and transactions made with the card. And they can temporarily freeze or block the card from their own account if their child's card or phone gets lost or stolen
Another nifty feature is that those in control of the account can receive notifications to alert them of their child’s spending, while being able to block certain card functions like online payments or certain types of payments. It other words, the parents can see pretty much everything their child is up to spending wise.
You can also set challenges and rewards for your kids through the app such as a request to clean up their room, study, or take out the rubbish in return for money into their account.
What’s updating?
- Spare Change - this is being made free to all users for the first time. It’s the equivalent of the Vaults feature you may be familiar with on your main Revolut account if you have one. Every time you make a purchase with your card, Revolut automatically rounds up the transaction to the nearest whole number and places the difference into your Vault/spare change account. Think of it as an online coin jar.
- Analytics - the level of data and information on spending is being improved, and will be presented in a way that's easy for kids to understand. This will help boost financial literacy.
- Wallpapers - users can now choose from several different wallpapers to personalise their app and express themselves better.
- Pockets - this new feature allows users to set aside money towards specific savings goals such as a new mobile phone, clothes, or a summer holiday.
The features we’re announcing today will empower young people to take the lead on their finances and practise healthy money habits, all with fun opportunities for personalisation and the right level of parental oversight. We’re excited to see more and more young people choosing Revolut as the place to build towards financial independence.
Carlos Spada, Head of Product, Revolut <18
Why should I use Revolut <18?
Giving your child or teenager access to their own bank account from a young age can improve their financial literacy skills as it gets them into the habit of tracking their own expenditure and savings as well as managing their money.
It also gives them a certain amount of financial independence, whilst allowing the parents to stay in control.
And in an increasingly cashless society, it means they have a way of paying for things too. Without their own bank account, many kids may find it increasingly hard to pay for things themselves in the coming years.
However many parents would understandably baulk at the idea of handing their kids one of their debit or credit cards. Yet most banks won't allow anyone under 12 or 13 to open their own account. And then you might have no idea what the account was being used for.
Revolut <18 gives all the benefits of a bank account to a child or teenager without any of the risks for you.
How to get Revolut <18
Revolut <18 is available to all Revolut customers at no additional cost.
However those with a standard account can only link up one account. So if you've two or more children you'd need to upgrade to a paying subscription to give them each their own account.
An Post Money also offers a very similar service called Money Mate for children between seven to 15 years old. So if you're not a customer of Revolut, it's another option to check out.
