Family matters with Family Money: Verizon’s new financial app for kids

On June 15, Verizon announced the launch of Family Money, an app designed to help kids foster their financial literacy skills. Family Money is the second financial product and the latest family-centered product from the telecom company, who worked with fintech Galileo to build and manage the app.

Family Money is designed to help its customers’ kids understand how finances work so they can develop crucial financial skills like spending, budgeting and saving. The Family Money app comes with a spending account, a prepaid debit card issued by Metropolitan Commercial Bank, and a savings vault. 

The app is monitored with the help of a parent account. Parents can set up the parent account on Family Money to assign chores and rewards and manage allowances. The app also allows parents to keep a watchful eye on their kids’ finances, with real-time alerts and spending notifications. Parents can also set spending limits on the spending account, and lock or freeze the debit card if it gets lost or stolen.

For Verizon, it was important to follow up their first financial services product, Verizon Visa Card, which was launched last year, with a family-friendly product that was in-line with many of their other offerings. 

This content is available exclusively to Tearsheet Outlier members.

Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account