I have been so impressed with my 23-year-old’s financial nous. After reading Scott Pape’s Barefoot Investor two years ago, she set up her own savings account, even including a house fund. In one year of fairly erratic employment, she has saved more than I had when I was in my 40s! It really made me wonder what she could have achieved if she had started earlier with something like Revolut Junior. This clever option for a kids’ savings account comes with parental controls, built-in saving tools, optional debit card and incentives that are fun to use.
Teaching our children the value and importance of money, building healthy money habits and become financially savvy adults should be high on our agendas as parents. Money can also be hugely motivating; using tech like financial app Revolut Junior is a great starting point. It consists of an account, app and/or card, and has some really nifty ways to teach children how to save and make better decisions around money.
How Revolut Junior works
Revolut Junior is available for children aged between seven and 17, but it’s linked to a parent’s Revolut account. It’s a kids’ savings account with app and debit card options.
- First, you set up their Junior account using your Revolut app.
- You can then order a Junior debit card or let them just use the app if they have a mobile.
- You have control and the flexibility – and so do they.
- They’ll have access to clever money tools that have been adapted for kids to make learning about saving and budgeting fun.
Managing your kid’s saving account
This is not about giving your child a card topped up with cash and sending them off on their way, however much they’d love that! The app includes lots of clever and safe options, and you can talk from your Revolut app to theirs. You can get them working for their money, assigning tasks such as house chores. Once completed, you’ll get sent a notification it’s time to pay up. You can set a savings target with them and promise to top up once they’ve met it – this works wonder if they’re saving for something special.
There’s already an automatic stop on various age-restricted online stores and merchants, such as gambling and gaming. And, if they’re really annoying you, you can freeze or deactivate their card or account from yours.
Joking aside (sort of!), it’s a great way to give your child some financial independence, whilst also monitoring where and how they save or spend. You can set your notifications so you can see on your phone the moment they’ve paid for something. If they’ve told you they’re at the cinema, but they’ve just bought an ice cream at the beach, you’ll know straight away.
Setting up a Revolut account
As the parent or legal guardian, you need an active Revolut account to be able to set Junior up. There’s no monthly cost with the standard option. For those accounts with additional functions, the monthly costs are still fairly low. Choosing a paid plan unlocks more functions for both the main and Junior account, including setting saving goals.
The cards come in three cool designs, and if your child doesn’t have a smartphone, that’s no problem. There’s no need to download the Junior app as their account can function offline; they can just use the card in store or online. And we all know kids lose stuff! Luckily, the Revolut Junior card can be frozen at any time from your Revolut app or the Revolut Junior app.
Creating an open dialogue about money matters with your kids is one of the best gifts you can give them. This app will add to that by giving them a sense of responsibility and a great start to spending and saving, which will hopefully stay with them as adults. With tap-and-pay the way of the present and future, the days of coins and piggy banks are numbered. Using smart tech like Revolut Junior is a great foundation to creating good financial habits.
Head here to find out more and sign up to Revolut and Revolut Junior.