Revolut has added a new feature to its Revolut Junior app for youth aged seven to seventeen that will help parents teach the value of saving to their children. Goals enables both parents and child users to set and track financial savings objectives, and leverages the app’s other main features – Allowances and Tasks – to provide a more comprehensive financial wellness solution that works for kids and their parents.
Available to Revolut’s Premium and Metal customers, the new option can be used by parents to create financial savings goals and monitor their child’s progress as savings accrue. Kids can set their own savings goals as well, which can be supervised via the parent’s app. Goals can be funded directly by parents or by child users via their Allowances or by completing assigned tasks and chores.
“Goals, along with payments, allowances, and tasks, was one of our customers’ top requested and valued features,” Revolut Head of Premium Product Felix Jamestin said in a statement. “(We’re) excited to be building a product that is making saving fun and easy for both kids and parents.”
Revolut launched its Revolut Junior app earlier this year, and now boasts more than 200,000 children signed up for the program. Currently available in the EEA and the U.S., Revolut plans to offer the solution in Singapore, Japan, and Australia “in the near future.”
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