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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

Pocket Money Apps, Pocket Money, Personal Financial Management, Family Banking Solutions, Children's Banking Services, Money Saving, Personal Finance Management, Financial Growth, FinTech, UK, EuropeReceiving 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:

Launched in 2020 by digital bank Starling, Kite is a debit card for kids that lets parents load pocket money, track spending and encourage saving. The child-friendly offering is linked to a parent or guardian’s personal Starling account, and kids can also get access to their own banking app.

Parents can also order the debit card from the app, which will bear the children’s name, and allow kids to use it to spend online or in-store or withdraw cash from ATMs.

Starling Kite allows parents to allocate up to £5k to the card and monitor their child’s spending. They can also check, control and limit specific functions such as online payments and ATM withdrawals and set a daily transaction limit.

Pockee is a family-friendly payments app concept that educates children through fun interactions and uses gamification to let kids learn while they play.

The platform offers video courses and interactive quizzes suitable for each user’s age. Children can complete assignments to gain points and badges — unlocking new levels will allow them to use new services or ask for an allowance.

Parents can manage and monitor their children’s profiles. They can track their main activities and expenses, send money, manage tasks, and edit spending limits. The tool can decide where children can spend their money by customising rules or blacklisting websites and marketplaces.

NatWest Rooster Money is a kids’ prepaid debit card and pocket money app that encourages children to manage their allowances, complete their chores and save for goals that they might have. It is a pocket money manager, piggy bank, reward chart, savings tracker and chores app that helps families teach kids about money and savings goals.

Rooster Money believes that kids get confident with money through an early and hands-on introduction to the world of finance, ultimately giving them a head start. The app helps families take kids aged between 3 and 17 through all the key milestones in financial education – from a free Star Chart for younger kids to a prepaid debit card for children six and over.

ALSO READ: Wealth Management & Private Banking Systems Report Q3 2023

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