5 FinTech platforms helping kids secure their financial future
By Gloria Methri
The kids’ FinTech market 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 in childhood, and the earlier, the better. Children as young as three years old are capable of grasping the basic concept of money, and by the age of seven, many of our money habits are already set.
To fill the financial literacy gap, FinTech companies have stepped up with a number of kid-friendly applications that cover everything from allowance money management and chores tracking to investment accounts and debit cards. It is a way to give youngsters financial independence so they can learn by doing, but under a watchful eye and with no danger of debt.
Let’s look at five FinTech platforms offering digital banking products to minors in Europe.
Founded in 2012, GoHenry is a money management and financial education platform for 6-18-year-olds. Combining web, mobile apps, and debit cards with parental controls, the company gives children hands-on experience in managing money within a safe environment. Parents can set rules and limits, allocate pocket money automatically, or set tasks and chores for their children to earn extra money. They and the kids can see their earnings, spending, and savings on graphs. Children and teens can also use budgeting tools to set savings goals and track and filter spending by retailer, size of spend, and category.
MyMonii is a Copenhagen-based FinTech company that helps families with kids aged between 7 to 18 years to learn good money habits. It allows users to set up allowances and tasks, make instant money transfers, and spend them with the MyMonii Visa card, which can be issued to anyone no matter which bank you have. Parents can set up fixed allowance transfers and tasks in the household to their children. Similarly, children can set up saving goals and learn to prioritise what they want to buy.
Osper is a prepaid debit card and mobile banking service that empowers young people to manage their money responsibly. It offers a safe MasterCard prepaid debit card and a simple mobile banking app with separate logins for young people and parents. All money on Osper is safely managed by a European-regulated bank. Its application runs on Android and Apple devices that also including any iOS device running 6.0 or higher.
Ruuky is a German neobank built to help improve the financial lives of Gen Z. Its basic proposition is a digital banking and savings app for teenagers. Ruuky offers a checking account for young adults, with no account management fees, simplified management tools, and no overdraft. It also offered a Debit Mastercard and the ability for parents to have an overview of the account. The platform launched a new app in September 2022, as well as launched its services in Austria.
Vybe is a provider of a digital platform used to develop a payment card for Gen Z. It helps in instant transfers, receives instant notification of each expense, and manages expenses securely enabling teenagers to manage their pocket money, pay with their smartphone, and get cashback on a lot of transactions.
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