Revolut Junior launches Co-Parent feature for joint supervision

23 Nov 2020887 Views

Image: © Игорь Головнёв/Stock.adobe.com

Co-Parent will allow premium customers using Revolut Junior to invite another parent or guardian to help manage a child’s account.

Fintech company Revolut has launched a new feature to help parents supervise their child’s account. Having recently added a Goals function on Revolut Junior to teach children how to save, Co-Parent will now allow Premium or Metal users to invite another parent or guardian to jointly manage a child’s account.

Adding a second parent or guardian involves opening the Junior tab in the Revolut app and following the Co-Parent link at the bottom of the screen. Both the lead and secondary guardian will have full oversight of the child’s account and can use any of the app’s tools and features.

Two people are using the Revolut Co-Parent feature on their smartphones.

Revolut Co-Parent. Image: Revolut

Revolut Junior is designed for children aged between seven and 17, and allows parents and guardians to provide young people with their own contactless payment card, which can be monitored or topped up via a connected Revolut app.

The service, which now has more than 270,000 users, was first introduced in the UK in March of this year and was launched in Ireland in May. It was recently rolled out in Australia and is planned for release in Japan and Singapore soon.

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Speaking about the new addition to the app, Revolut’s head of premium product, Felix Jamestin, said: “We have added the Co-Parent feature to Revolut Junior so parents, guardians and carers alike can come together to teach their kids valuable skills for life.

“We have made sure that those with unconventional or multigenerational families will also be able to use this, so not only parents but grandparents, carers or members of their wider family can also support their child through their financial education with Revolut Junior.”

How to teach children about money

Alongside the new Co-Parent feature, Revolut also published tips for teaching children about finances. It suggested that parents or guardians can help children set savings goals, and sit down to discuss any questions they might have about money.

Revolut added that parents should show children their own app and how they use it themselves, and encourage young people to reflect on their purchases to see if they spent their money wisely.

Another idea was to ask children to think about their 10 favourite belongings and why they picked each one, to create awareness around value.

Lisa Ardill was careers editor at Silicon Republic until June 2021

editorial@siliconrepublic.com