An All-Important Bid to Level up Financial Literacy Among Kids

There are an awful lot of things that human beings can do, and yet there is nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Venmo has officially confirmed the introduction of teen accounts, a new functionality which offers parents and guardians the chance to open a Venmo account for their teenagers so to help them in sending and receiving money. According to certain reports, the Venmo teen account’s design, alongside transacting with the kid yourself, allows you to monitor your kid’s activity on the app, while simultaneously letting you manage their privacy settings. As for teens, they can leverage the technology to track their spending and become more financially disciplined over time. Apart from that, the Venmo teen account also coins an extra bit of utility by ensuring these kids, under specific circumstances, can be eligible to receive direct deposits. This should help whenever a teenager decides to find, let’s say, one after-school job, considering it can facilitate any attempts to transfer the funds directly into their teen account. Interestingly enough, the Venmo teen account also delivers at your disposal a dedicated debit card, and here too, the parents are given a level of authority. You see, they’ll have the complete power to manage their kid’s debit card PIN, and in case there is still some doubt, they can also lock or unlock the provided card.

“Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86% of Gen Z are interested in using an app to learn about personal finance,” said Erika Sanchez, vice president and general manager at Venmo. “For parents or legal guardians, the Venmo Teen Account allows them to give some financial flexibility to their teens, while giving them parental controls and visibility into their teen’s spending habits.”

Fair enough, going by Venmo’s word, nearly 45% of Gen Z kids prefer to have a conversation with an adult to learn about personal finance, whereas more than a sizeable 50% of parents are keen on using a digital platform to teach their kids the ropes of money management.

But how can a user get started with the new Venmo teen account? Well, the parents of an intended user would first need to sign up for a Venmo Teen Account on their teen’s behalf. This will include navigating to the “Me” screen in the Venmo app, tapping their name in the top left-hand corner, and then selecting “Create a teen account” from the drop-down menu. Once you have filled out all the required details about the user, you can consider your kid signed up. Beyond the stated details, parents can also choose a Teen Debit Card color so to achieve a hint of personalization.

Another pointer that we must mention is, even though the new service is fully focused on educating kids about the actual financial landscape, it won’t enable access to all the features that come with a standard Venmo account. Few examples of the same are crypto transactions, savings account, budgeting tools, and more.