Are you a parent or legal guardian interested in teaching your teenagers about financial responsibility? Look no further than the Venmo Teen Account. Venmo, a popular money transfer app, has recently introduced the Venmo Teen Account, allowing parents to open accounts for their teenagers aged 13 to 17. This feature enables teenagers to send, receive, and spend money while granting parents oversight and control over their financial activities.
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Why the Venmo Teen Account Matters
Research has shown that over 45% of Generation Z prefers having conversations with adults to learn about personal finance. Additionally, more than 50% of parents are interested in using an app to help their children understand money management. The Venmo Teen Account, along with the Teen Debit Card, becomes a valuable tool in starting discussions about finances between parents and teens. It provides a platform for parents to guide their teenagers and build money management skills together.
“[Your brand] is a natural place for teens to learn how to engage with money responsibly, especially considering that 86% of Generation Z is interested in using an app to learn about personal finance,” says Erika Sanchez, Vice President and General Manager of Venmo. With the Venmo Teen Account, parents can grant financial flexibility to their teens while still maintaining parental controls and visibility into their spending habits.
What Makes the Venmo Teen Account Special
The Venmo Teen Account offers a range of features that both parents and teenagers will love:
Opening a Venmo Teen Account comes with no monthly fees. Furthermore, it provides the added benefit of no-fee cash withdrawals at participating ATMs through the Venmo Teen Debit Card. Parents can sign up their teens for a Teen Debit Card, which is linked to the Venmo Teen Account balance. Parents also have the option to grant their teenagers access to the Venmo app—a convenient way for teens to send and receive money among family and friends.
Parents can monitor up to five Venmo Teen Accounts from their personal Venmo account. This feature allows parents to view their teen’s transaction history, balance, and friends list. Parental controls also enable parents to manage the Teen Debit Card’s PIN, lock and unlock the debit card, review friends lists, and block certain users from interacting with the Teen Account.
The Venmo Teen Account has a separate balance from the parent’s personal Venmo account, giving teenagers a sense of independence. As part of the account, teens receive their own debit card available in various colors and designs. With the Venmo app, teenagers can track their own spending, fostering financial responsibility and understanding. Additionally, Venmo Teen Accounts may qualify for Direct Deposit, allowing funds to be paid directly into the account, such as earnings from an after-school job.
How to Sign Up for the Venmo Teen Account
Signing up for the Venmo Teen Account is a straightforward process. Parents must register on behalf of their teenagers by following these steps:
- Open the Venmo app and navigate to the ‘Me’ screen.
- Tap on your name in the top left-hand corner.
- From the drop-down menu, select “Create a teen account.”
- Choose a Teen Debit Card color and provide information about your teen, including their name, date of birth, and address.
For more details on parental controls and a step-by-step guide, visit 5 WS.
The Venmo Teen Account will initially roll out to select customers in June 2023 and will become widely available in the following weeks. Parents and legal guardians who are not part of the initial rollout can find more information and sign up to be notified when the Venmo Teen Account becomes available.
The Venmo Teen Account offers a fantastic opportunity for parents to teach their teenagers about money management in a safe and controlled environment. With the Teen Debit Card and the Venmo app, parents and teens can engage in conversations about personal finance while building important money management skills together. If you’re interested in opening a Venmo Teen Account for your teenagers, make sure to check out the sign-up process and avail of this valuable tool for financial education.