The new ‘Goals’ feature on Revolut Junior aims to help children understand the importance of saving money.
Today (8 October), Revolut announced that it is launching a new feature called ‘Goals’ on Revolut Junior, its fintech platform for children.
According to company, Goals has been designed to help young people manage their money and build financial skills with the help of parents and guardians. Revolut Junior now has three key pillars for users on its app, which are Allowances, Tasks and Goals.
Revolut Junior, which was launched in Ireland in May, provides a sub-account for adult Revolut users. It allows parents and guardians to provide children with their own contactless payment card, which can be monitored or topped up to provide younger users with pocket money to save or spend.
The service for kids was initially available to users subscribed to a premium tier of the mobile banking app, but was made available to all retail customers in Ireland in July.
In a statement, Revolut said that the addition of Goals aims to teach children the importance of saving by making the process more “motivating and fun”.
Kids can set financial goals for new toys, clothes or other treats that they want to buy. Parents or guardians can add pocket money directly to the goal, and both the adult and the child can monitor the progress of the goal.
The app’s Tasks feature, which works to help kids achieve the financial goals they set, was introduced to the app in July. It enables parents and kids to agree on a number of tasks to complete in order to receive a small reward. According to Revolut, the most popular tasks delegated to kids have been cleaning their bedrooms and reading every day.
Felix Jamestin, head of premium product at Revolut, said: “Goals, along with payments, allowances and tasks, was one of our customers’ top requested and valued features, and we’re excited to be building a product that is making saving fun and easy for both kids and parents.
“We’re delighted with the popularity of Revolut Junior so far and can’t wait to share even more great features in the coming months.”
According to the company, more than 200,000 users have signed up to Revolut Junior in the markets where it is available. It plans to launch the product in Singapore, Japan and Australia in the near future.
For standard Revolut users, the company announced a new subscription management feature earlier this week that aims to help users see how much they are spending on scheduled payments and when each payment is due.