Venmo, the popular mobile payment app, has launched a new feature called the Venmo Teen Account. This new account is designed for teenagers aged 13 to 17, allowing them to have their own Venmo account that is linked to their parent or guardian’s account.
According to Venmo, the Venmo Teen Account is “designed to help parents and guardians teach their teens how to manage money in a digital world.” The account allows parents to set spending limits and monitor their child’s transactions. Parents can also choose to receive notifications for every transaction their child makes. The Venmo Teen Account is free to use and does not require a minimum balance. However, there are some limitations to the account. For example, teens cannot transfer money to other Venmo users who are not their parents or guardian. They also cannot use the account to make purchases at physical stores or online retailers.
One of the benefits of the Venmo Teen Account is that it allows parents to teach their children about financial responsibility in a safe and controlled environment.
“Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86% of Gen Z are interested in using an app to learn about personal finance,” said Erika Sanchez, Vice President and General Manager, Venmo. “For parents or legal guardians, the Venmo Teen Account allows them to give some financial flexibility to their teens, while giving them parental controls and visibility into their teen’s spending habits.”
The launch of the Venmo Teen Account comes at a time when more and more young people are using mobile payment apps to manage their money. According to a recent survey by Bankrate, 63% of Americans use mobile payment apps like Venmo and PayPal. Overall, the Venmo Teen Account is a great way for parents to teach their children about financial responsibility and budgeting.