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5 FinTech platforms boosting financial confidence of children in India

By Gloria Mathias

November 14, 2023

  • and Tweens
  • Children Finance
  • Childrens Day
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IBS Intelligence - 5 Children focused FinTech start-ups in India, Junio, muvin, YPay, Good Good Piggy, Childrens Day, KIds Fintech, Pocket Money, Financial Apps for Kids, Teens, and Tweens, Younger Generations, India, Kids Money solutions,

The FinTech space for the younger generation is booming right now, with more and more parents looking for resources to help prepare their children for their financial future. Indeed, one’s journey towards financial well-being starts when one is young, and the earlier it is, the better. Children as young as three years old are impressionable and can grasp the basic concept of money swiftly, and by the age of seven, many of their money habits are already set.

To cater to the financial needs of the younger generation, ranging from preteens and teens to tweens, FinTech companies have developed several kid-friendly applications that cover everything from allowance money management and chores tracking to investment accounts and debit cards. These applications give youngsters financial independence so they can learn by doing, but under a watchful eye and with no danger of debt.

On the auspicious occasion of Children’s Day, let’s count on 5 FinTech applications in India that nurture children’s financial practices and make money management productive and secure for them.

Listed are 5 FinTech platforms fostering financial responsibility among the younger generation:

Fyp is a financial tool and a prepaid debit card for kids and teens, helping them to spend mindfully, save, and learn financial concepts through its interactive financial literacy modules. The firm is empowering kids and teens with financial literacy and helping them build healthy financial habits. This FinTech believes that every child should get access to financial knowledge in their formative years to help them manage money efficiently, become vigilant, and be prepared for their future. The Fyp app and card help parents track the expenses of their children while giving them financial freedom at the same time.

Good Good Piggy provides a secure online platform where kids can learn about money within parent-defined boundaries, ensuring age-appropriate activities and informed decisions. It fosters critical thinking about money, helping children differentiate between needs and wants, leading to smarter spending choices. The app emphasises parent involvement, enabling progress monitoring, goal setting, and meaningful money discussions, instilling a positive financial outlook.

Junio is a children-specific smart card for all their online and offline expenses. With the Junio card, a child can learn how to earn, spend, and save while having a parental eye over their spending. It is very easy to order; there is no full KYC to order for the physical card. Junio helps children grow into financially responsible adults. Children can earn pocket money when they complete tasks that you set, incentivize desired behaviour with bonus additions, and learn how to earn, spend, and save.

muvin is designed by parents for kids with the long-term goal of empowering the youth of India with digital financial inclusion and literacy. Managing money isn’t something that can just be taught; it’s a lesson one learns through experience. muvin’s mission is to enhance the financial well-being of the upcoming generation through experiential learning. By empowering youngsters with smart money solutions, muvin gets them accustomed to money management from an early age.

YPay is a FinTech that provides financial freedom to young India in the form of the friendliest pocket-money card. The firm believes that every teen should have the ability to make informed and prudent financial decisions by the time they become adults, so they may lead a happy, prosperous life. YPay hopes to shape a financially responsible, informed, and independent generation through practical experience under their parents’ oversight.

Also read: Wealth Management & Private Banking Systems Report Q1 2024

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