Revolut Junior, a financial app for children, launched in Singapore
By Edil Corneille
London-based company Revolut introduced its financial app designed for kids called Junior. The average child in Singapore starts receiving pocket money at 7 years old, as mentioned by the company. This is the perfect age for parents to begin engaging their children in conversations about money. Junior is controlled by a parent or a legal guardian.
Revolut Junior, already launched in more than 30 markets globally, is now available to Revolut customers and their children/wards in Singapore.
A customer who holds an account with Revolut Singapore can set up a Junior account for free. Revolut Standard customers can set up 1 complimentary Junior account, Revolut Premium customers can set up 2 complimentary Junior accounts, and Revolut Metal customers can set up 5 complimentary Junior accounts. They will also be able to order a specially designed Revolut Junior Visa debit card for their child/ward.
The app provides parents with an opportunity to talk to their children about money. As society becomes increasingly cashless, children may become less aware of the role that money plays in their everyday lives. Parents can draw parallels between the money deposited in their child’s Junior account and their own salary credits, to educate their children on the importance of earning and managing money, and demonstrate the concept of opportunity cost.
Revolut Premium and Metal customers will have access to additional features on the Revolut app, such as “Tasks” and “Goals”, to inspire children to work towards and save up for a goal. Using this feature, parents can assign a task (and corresponding e-money reward) to their child. When the child checks off the task as “complete” on their Revolut Junior app, parents have to acknowledge this on their own Revolut app and the promised reward is transferred to the Junior account.
Children signed up with a Junior account will have the option of downloading the Junior app on a smartphone. They will be able to access this and personally observe their account balance go up and down. The app is designed with children in mind for easy and tactile use.
The parent’s Revolut app should ideally be used in tandem with the Junior app. Children can track, “earn”, and manage their allowances while their parents will be able to add and withdraw money, utilise security features (such as the ability to freeze/unfreeze the Junior card), and appoint a Co-Parent to give another adult the ability to control the Junior account.
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