There is an emerging trend that is reshaping the way kids perceive and interact with money – Fintech for children. In an era where digital innovation is at the forefront, financial technology (fintech) has made its way into the lives of youngsters, introducing them to the world of financial management, savings, and literacy in a digital and engaging manner. This Children’s Day, we will discover why fintech is a rising notable trend among children.
Notably, fintech for kids refers to financial technology products and services specifically designed for children to help them learn about money management, savings, and financial literacy in a digital and engaging way.
Fintech companies or startups who know that their target customer base is children below 18 years of age, come up with a specification where parents can also keep a track of their Children’s expenditure and savings, according to an article from Yourstory. Here is how fintech companies like Junio, Fampay, etc. are able to assist children with financial aids.
- Digital allowances and budgeting:
Fintech apps for children often offer features like digital allowances and budgeting tools. Parents can set up allowances for their kids, and children can manage and budget their money through intuitive digital interfaces.
- Educational apps and games:
There are educational apps and games that teach financial concepts in a fun and engaging way. These apps use gamification techniques to make learning about money enjoyable, helping children understand saving, budgeting, and spending.
- Parental controls and monitoring:
Parents can monitor their children’s financial activities, set spending limits, and receive notifications. This allows for active parental involvement in guiding and supervising financial behavior.
- Prepaid Cards for kids:
Some fintech companies like Fyp, Junio, etc., offer prepaid cards designed specifically for children. These cards are linked to the child’s digital account and come with spending controls.
- Interactive learning experiences:
Fintech apps create interactive learning experiences for children. Through simulations, quizzes, and interactive lessons, kids can grasp financial concepts in a way that feels more like play than traditional learning.
Fintechs are offering great benefit to the children by making them financially independent.