Revolut is rolling out a new tool called Goals for its Junior savings card and app that encourages youth to stash away money. The app’s three pillars — allowances, tasks and goals — are intended to help kids 7 to 17 years old understand the importance of savings.
Junior Goals can be set by the parent or child, with or without a target value… Parents can fund the goals directly or let their children earmark allowances and complete tasks to earn.
[Revolut:] “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…”
The company said the most popular tasks for youth so far include: tidying bedroom, daily reading, washing the dishes, vacuuming and emptying trash bins.
So far over 200,000 kids have signed up to Revolut Junior, and additional features are planned, including educational materials to help youth learn about personal finance and money management.