Today, financial platform Revolut has announced a new digital product, the Revolut Junior app that aims to teach children ahed 7-17 financial literacy with the aid of their parents/ and or guardian. Revolut Junior accounts may only be created using an existing Revolut account, and parents can set spending limits, track transactions, and more.

The aim of Revlot Junior is to start teaching kids financial responsibility and money management from a young age. Through the Revolut Junior app, kids will receive their own Revolut Junior debit card, as well as balance and transaction alerts.

Through the main Revolut app, parents will also receive notifications for their child’s spending and be able to directly transfer money into their child’s account. In the coming year, Revolut Junior plans to add features including setting a regular allowance, financial tasks and goals, savings options, spending reports, and financial guidance plans.

Aurelien Guichard, product owner for Revolut Junior said: “Helping kids develop financial skills is what is driving us. Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians. Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.

Jill Docherty, executive director, business development, UK & Ireland at Visa said: “ It is important to teach children good financial habits from an early age including how to pay, save and spend wisely. Visa is proud to support Revolut with the launch of ‘Revolut Junior’ working together to create products that help the younger generation learn about money management.”