Revolut Junior introduce parents into helping kids save
Revolut has today announced the launch of Goals on Revolut Junior, an easy and fun way for kids to learn about saving. Revolut Junior is designed for young people aged 7-17, giving them the freedom to manage their money and build-essential financial skills, overseen by parents or guardians for added security and peace of mind.
Parents can create a Goal for their kids and watch their progress as they save. Kids can also create Goals for themselves through the Revolut Junior app, with or without a target value, which can be tracked from the parent’s app. Parents can fund the Goal directly, or kids can fund it themselves from their allowances or by completing their tasks.
Revolut Junior now has three key pillars: Allowances, Tasks and Goals. The latest addition makes it as easy as possible for kids to learn the importance of saving. By making it both motivating and fun, kids will be excitedly saving in no time. From a new bike to the latest videogame or pair of trainers, parents can set a Goal with their kid and encourage them to save up.
How Goals works:
- Pick a Goal. This can be done by parents via the Retail app, or in the Junior app by kids
- Set a Target. Target values can be set for the A goal either by parents or kids
- Add to the Goal. Parents and kids can add money directly to the Goal
- Monitor progress. Progress can be tracked from the Retail and Junior apps
- Access anytime. Parents and kids can simply move the Goal funds to the kid’s card if needed
Felix Jamestin, Head of Premium Product at Revolut, said:
“Goals, along with payments, allowances & tasks, was one of our customers’ top requested and valued features, and we’re excited to be building a product that is making saving fun and easy for both kids and parents. We’re delighted with the popularity of Revolut Junior so far and can’t wait to share even more great features in the coming months.”
In July, Tasks was launched on Revolut Junior allowing kids and parents to agree on a number of tasks to complete in order to receive a small reward, letting children appreciate the relationship between work and money. Revolut’s data showed that the five most popular tasks for kids were:
- Tidying your bedroom
- Reading every day
- Washing the dishes
- Doing the vacuuming
- Emptying the bins
Revolut Junior’s Goals feature is currently available to all Revolut Premium and Metal users in the EEA and the US. It's designed for kids aged 7-17, providing an account for children to use, controlled by their parents or guardians. So far over 200,000 kids have signed up to Revolut Junior and Revolut plans to launch the product in Singapore, Japan and Australia in the near future.