Revolut Premium or Metal using Co-Parents can invite another parent or guardian to join on any plan.
The British fintech company Revolut has launched a new feature to help parents supervise their childâ€™s account and learn about financial wellbeing. Having recently launched a Goals function to teach children how to save, Co-Parent will allow an existing Premium or Metal parent on the platform to invite another parent or guardian to join on any plan.
Adding a second parent or guardian involves opening the Junior tab and following the Co-Parent link at the bottom of the screen. Both the lead and secondary parent can use any of the appâ€™s tools to teach their kids; Tasks will help them learn about the â€œvalue of moneyâ€ and they can top up Allowances with a reward or pocket money. Both parents will also get full oversight of the junior account.
How to teach children about money
Alongside the new Co-Parent feature, Revolut also published tips for teaching children about finances. It advised drawing on â€œjoint experienceâ€ and scheduling regular meetings to discuss the topic as a group.
It said that parents should show their children their own app and how they use it themselves, and encourage them to reflect on their purchases through the app 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.