We all want to teach our kids financial literacy to manage their money from an early age. Let’s be honest, they’re not learning it in school and they’re not learning it from their friends. Fortunately, kids today have the benefit of technology to make learning easy and fun. Revolut is doing this by empowering kids to learn money skills for life with Revolut Junior, an account, card and app designed for kids, controlled by you .
Our CEO recently looked back on the challenges he faced when teaching his now adult daughter about money when she was young, and how Revolut Junior could have helped.
“I started this conversation with my daughter, Ashleigh, when she entered the 3rd grade. She’s 32 years old now so that was in 1996. We had very limited technology then for teaching financial literacy, or even just the fundamentals.
So when she was 8 years old, it was all about making it visual and fun. I used boardgames like Monopoly, and card games like Blackjack, using candy as a prize! She could and still can count cards faster than anyone, knows when to split the hand, double down, and exactly what the dealer owes her in change. Gamifying her learning was an engaging way to teach her about numbers and money. Those skills are transferable to any walk of life, both personal and professional.
When she reached the age of 12 (which is when a kid can get a Revolut Junior card now), it was all about trying to find something that would resonate with a tween: paid chores, presents, allowance, girl scouts, coin collecting and cooking. Here’s how we put some basic concepts into practice:
- Earning your money: Ashleigh learned early on that she would have to work to make money, so we paid Ashleigh for completing household chores and she was able to use her allowance throughout the week on the things that were important to her.
- Budgeting: Ashleigh loved to cook, so we had her use her allowance to purchase ingredients to understand how much food cost. She would have to determine the ingredients she would need to provide the required servings and calculate the cost of each ingredient.
- The value of a dollar: Whether it was for ingredients to bake cookies or for her next birthday present, we taught her the importance of a good deal. We’d circle up store coupons together before a trip to the grocery store or to Toys R Us.
While I did the best I could with the tools we had, it was difficult to make these learnings consistent. Now we have Revolut Junior which is a powerful, game changing tool that helps parents and kids build financial skills together through a fun and engaging app that can be incorporated into your child’s everyday habits.
It teaches them how to save and budget continuously. All the things I came up with back in the day were lessons for a specific situation, but it was hard to build them into everyday habits. Revolut Junior replaces these spot learning lessons with everyday goals like saving money for a bike, all powered by an elegant, kid-friendly app.
Now kids can learn in real time, with you as the parent/guardian keeping a watchful eye on their spending from your own app. Given we are headed toward a cashless society, it also allows them to understand how the modern world of contactless payments works. Kids have already shifted a lot of their learning to their devices, so it makes sense to take their finances digital early on too. If you want your kid to learn money skills for life, then get them started with a Revolut Junior account today.”
Ronald Oliveira, CEO, Revolut US
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