3 Pocket Money apps financially empowering children in Europe
By Gloria Methri
December 04, 2023
- Children's Banking Services
- Family Banking Solutions
- Financial Apps for Kids
Receiving pocket money or allowance is a rite of passage for many children. However, the traditional cash-in-hand option is being replaced with digital alternatives as times change.
In recent years, there has been a steady increase in demand for family banking solutions as parents look for options to empower their children with financial literacy and independence.
Acknowledging the importance of instilling good financial habits in children from an early age, many financial institutions have introduced children’s banking services that allow parents to manage their kid’s spending needs.
This involves setting up limits on expenditures and creating pocket accounts, which children can use at their discretion. Besides pocket money apps, digital banks and FinTechs also offer child cards to cater to the children’s daily needs.
The services are designed to ensure that children are adequately prepared to take on the responsibility of having a payment instrument like a card or mobile wallet and can feel empowered by the ability to spend and save money digitally.
Here are three FinTechs empowering children through Family Banking solutions in Europe:
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