Monzo, the UK digital bank, has launched a waitlist for ‘Monzo for Under 16s’, a free account designed for children aged six to 15.
Research indicates a significant demand among parents for financial education tools for their children, with Starling Bank, Rooster Money, HyperJar and GoHenry also offering tools for younger children.
According to Monzo’s insights, of the parents who discuss finances with their children, half of them (50 per cent) said they want their children to understand how to save pocket money, with (42 per cent) saying they wanted their children to understand how to create a budget.
Monzo, which serves more than nine million customers, said Monzo for Under 16s aims to integrate financial education into early childhood, equipping the next generation with essential money management skills such as saving, budgeting and spending under parental supervision.
Key features include fee-free banking, customisable neon cards, savings goals and educational tools within the app. Parents can monitor and control their children’s spending through linked accounts.
TS Anil, chief executive of Monzo, said: “Monzo customers with children have been asking us when they can share the magic of Monzo with their kids – and now they can! From instant notifications to organising money with Pots and setting savings goals, we’ve packed the product with some Monzo favourites, tools for children to customise their app and neon cards to choose from.
“This is such an important step on our mission to make money work for everyone, as we welcome a new generation that we’re excited to support from the start of their financial journey and through the many years to come.”
Parents or guardians can join a waitlist for the new Monzo for 16s account which rolls out to customers over the coming weeks. Children can graduate to a 16 to 17s account and again to a full Monzo account when they become an adult.
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