July 24, 2024
Business.Scoop » Money App Revolut Launches Kids Accounts In New Zealand To Empower Future Generations For Financial Success


Press Release – Revolut

The app features a child-friendly interface, includes a prepaid card, personalisation and wallpapers to make money fun, and offers parents and guardians comprehensive oversight.

Revolut <18 is not just a ‘digital piggy bank’ for young people aged 6-17 but an all encompassing app that provides a secure way for them to manage money under guidance from a parent or guardian

The launch follows recent research by Revolut which revealed that only 15% of students in New Zealand feel financially ready for adulthood. Revolut research also revealed 80% of Kiwis would find a junior money product helpful to teach their kids how to manage money

Revolut’s <18 app is already loved by over 2 million young customers worldwide

Auckland, New Zealand | JULY 1, 2024 – Revolut, the global financial superapp with over 40 million customers worldwide, has today announced the launch of its junior digital account product, “Revolut <18,” for customers in New Zealand. These accounts, aimed at kids aged 6-17, are integrated with Revolut’s money management app, which was introduced in New Zealand in 2023. The app features a child-friendly interface, includes a prepaid card, personalisation and wallpapers to make money fun, and offers parents and guardians comprehensive oversight.

Over the last 4 years, the popular feature has launched in Australia, the US, the UK and wider Europe, with approximately xxx <18 accounts created per week.

At a time when only 15% of Kiwi uni students say they feel financially ready for adulthood, Revolut <18 aims to promote good money habits at an early age by providing children the independence to save and spend within set parameters, under parental supervision. Revolut’s recognised money management tools have been adapted especially for the Revolut <18 app to make budgeting easy to understand for kids. Parents can open an account and order their child a prepaid Visa card for spending, which comes with an ability to personalise the card and customer security features. There are also features to incentivise tasks and chores with rewards, and set savings goals.

Revolut <18 gives parents and guardians the controls to ensure their children are making smart money choices. Using their own Revolut accounts, parents can instantly transfer money to their child’s account, with full access to view their child’s balances and transactions. Parents also receive instant notifications that alert them of their child’s spending, and are able to switch on security settings that limit how the Junior card can be used, such as disabling online payments or ATM withdrawals, and can rest assured their child is protected against making purchases from age inappropriate merchants such as those that only sell cigarettes or gambling products.

Georgia Grange, Head of Revolut New Zealand, said the feature is something New Zealand parents will welcome.

“We’re building a financial super app to help people manage their entire financial life, which includes passing on healthy money habits to kids. The addition of Revolut <18 is another product that I know our customers will love, particularly parents who want to teach their kids money skills for today and for kids who want to start building financial independence.”

Revolut <18 accounts can only be created by a parent or legal guardian who is an existing Revolut user or by children aged 13 and over. Parents can download Revolut from the App Store or the Google Play Store.

To help young people grow healthy money habits, parents can try:

Finding everyday moments to talk about financial concepts. From budgeting at the supermarket to comparison shopping for a particular purchase, parents can help their kids understand the real-life value of money.

Giving kids a regular allowance or pay day. By providing regularity, parents can encourage kids to practise money management basics.

Getting granular on spending habits. Helping kids make use of spending alerts and analytics to stick to their budget, avoid overspending and think about where they might do things differently next time.

Helping kids put money aside to reach their goals. Whether your kid is after the latest video game or they’re planning ahead for university, help them set goals and stick to them.

Remembering financial literacy is lifelong. Stick with them and be consistent while they’re learning. Ensure money chats are positive and encourage questions.

For more information, please visit https://www.revolut.com/en-NZ/revolut-under-18/

Content Sourced from scoop.co.nz
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