Revolution has announced launching of the Revolut Junior, an App built specifically for users from 7 to 17 with the aim of promoting financial literacy via personalized instruments and recommendations.
Revolut Junior – financial education for children. The project was officially released after the test launch in Britain in March, 2019.
The accounts of young users will surely be managed by parents. This is a perfect way to control children’s expenses with the ability to transfer funds to children’s account and to have an access to balance and transaction. Parents will also be able to get notifications of the kids’ purchases. The product implies some safety settings enabling grown-ups to control credit cards’ functions and transactions including online payments.
As Aurelian Gishar, the instrument’s developer reports, “We are encouraged by the idea of teaching children to manage funds. So we are proud to present our product in Ireland and other European countries. Financial education begins at home, and we suppose these skills are gradually trained due to experience and the assistance of parents. Our project is growing with children unless they reach 18+ and are able to get the standard ‘grown-up’ account. So when they become adults, they will have financial skill and literacy to avoid expensive mistakes”.
Product features. Among main features the App offers:
● Balance check and notifications of transactions with new category on the App that enables to manage children’s expenses;
● Exclusive junior card.
The additional functions that would be introduced within a year include the opportunity to set automatic amount of pocket money, tasks and goal, saving options, detailed expense report, limits and assistance in developing financial skills. Each of the functions is intended for ongoing interaction between parents and children.