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It’s never too early to learn about finances, which is why Verizon this week introduced the Family Money tool—a mobile app and prepaid debit card that allows kids to save, spend, and earn.
Aimed at children aged 8 to 17, the service(Opens in a new window) encourages kids to make monetary decisions on their own, while giving parents peace of mind by letting them monitor spending, set up allowances, and view purchases.
The platform includes a spending account with a prepaid Visa debit card to make purchases online and at retail stores, as well as a savings vault for budgeting money for the future—whether that’s college, a new bike, or an upcoming Lego set. Parents are always in control, with the ability to block spending categories, set chores and assign rewards, transfer money, get real-time alerts, and lock or freeze a lost or stolen card.
“With Family Money, we’re showing what’s possible when tech and financial services come together,” Todd Oberstein, executive director of product management and development at Verizon, said in a statement(Opens in a new window). Building on products like the GizmoWatch—a wrist-based tracker and phone that keeps minors connected with trusted contacts—Verizon says Family Money is “the perfect way to help kids learn the ins and outs of managing money.”
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You don’t need to be a Verizon customer to take Family Money for a 30-day spin. Anyone can download the Android(Opens in a new window) or iOS(Opens in a new window) app, sign up, and link to a verified bank account. After the trial period, the service auto-renews for $5.99 per month. That fee, which covers up to five children, is taken directly from the parent’s in-app Wallet, and will not show up on a regular Verizon bill. You must be 18 years or older to create a parent profile.
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Source link : https://www.pcmag.com/news/verizon-family-money-aims-to-make-kids-financially-savvy
