Revolut’s recently released Co-Parent feature allows parents to jointly supervise their children’s spending habits on its Junior app. It builds upon the company’s financial literacy solutions for its children and parent customers.
The Co-Parent feature enables parents and guardians to nominate a second caregiver to manage their child’s bank account. Parents and guardians can then use Revolut Junior’s money management tools to teach their children financial skills. The app provides tools for allowances, tasks in exchange for rewards and savings goals to instill financial responsibility in children.
The fintech opted to launch the Co-Parent feature based on customer feedback that requested additional account access for parents and other loved ones involved in the financial lives of children.
“We recognize that not every family will have the standard two parent household. It was important to us that the second adult who can oversee a child’s account could be anyone financially involved in a child’s life,” said Tara Massoudi, Revolut’s senior operations manager. “So, carers, guardians and even grandparents can join Revolut Junior and assist with the financial wellbeing of the children.”
Revolut Junior’s Co-Parent feature is available to the app’s Premium and Metal users free of cost. Since the feature’s launch in late November, the app has received widespread appreciation from co-parents who have signed up in 30 countries.
“This was one of the most requested features for parents. We heard that customers would really benefit from two adults being able to supervise a child’s account,” said Massoudi, “We also found that this feature is rarely offered by other providers of children’s accounts, so we wanted to make sure that we’re giving our Junior family what they want.”
Revolut Junior is designed for 7 to 17 year olds and is currently used by more than 270,000 child users.
“With Revolut Junior, children can learn from their parents and family members about how to manage money by using the app and learn skills that will last them a lifetime,” said Massoudi. “For example, kids can set their own goals if they wish, which allows them to learn to save their money for that item they’ve been begging their parents for.”
Children and teen banking apps are becoming increasingly popular as younger customers opt for cashless solutions. UK-based family banking app gohenry recently surpassed 1.2 million members. JPMorgan Chase’s child banking partner Greenlight has increased its customer base from 500,000 to 2 million in the span of a year.
As households continue to face economic challenges from the pandemic, parents are even more motivated to teach their children financial literacy in order to prepare them for their financial futures. A 2018 study by the Money Advice Service found that there is a direct link between the financial capabilities of children and those of their parents. However, this should not dissuade struggling parents from supporting their children in developing positive financial attitudes.
According to Heather E. Schwartz, author of children’s banking book, Bank Wisely, “It’s a trap for parents to think they have to be perfect with money themselves in order to help their kids develop good financial habits. Nobody is perfect—at any age.”
“I see developing good financial habits as lifelong work that can start in childhood. Try to talk about money as a fact of life, so it’s not mysterious or scary, and keep that conversation going,” said Schwartz.