SINGAPORE, Feb. 15, 2021 /PRNewswire/ — The average child in Singapore starts receiving pocket money at 7 years old. This is the perfect age for parents to begin engaging their children in conversations about money. Enter Revolut Junior (“Junior“) the financial app designed for kids but 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 (“Revolut“) 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.
So, just what is it about Revolut Junior that makes it a must-have for both parents and children?
1. It gives parents a great 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. Is money a purely digital concept? An infinite resource?
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.
2. It helps children understand the difference between a Need and a Want
Revolut’s popular digital money tools have been adapted to make learning fun for youngsters. Revolut Premium and Metal customers will have access to additional features on the Revolut app, such as “Tasks” and “Goals”, to inspire their 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 simply have to acknowledge this on their own Revolut app and the promised reward is transferred to the Junior account. Seeing their account balance go up is a great way to reinforce a child’s habit-reward loop.
If the youngster desires a big ticket item, e.g., an electric guitar, parents/guardians can agree to meet them halfway and have them save up a portion of the cost as a Goal. Revolut Junior empowers children to make independent financial decisions while giving parents a way to track and manage security settings remotely.
3. It gives your child visibility about their money
Children signed up with a Junior account will have the option of downloading the Revolut Junior app on a smartphone.They will be able to access this and personally observe their account balance go up and down. Unlike more traditional offerings, the Revolut Junior 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 Revolut 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.
For more information about Revolut Junior and the applicable terms and conditions, please visit https://www.revolut.com/en-SG/legal/revolut-junior . Revolut Junior is available to all Revolut customers in Singapore, please ensure your app is updated to the latest version.