Venmo is launching a new type of account aimed at teenagers and provides added protections and safeguards.
The Venmo Teen Account can be opened by a parent or legal guardian and is designed to help teens learn good money management practices, according to the company.
The Venmo Teen Account also comes with a Venmo Teen Debit Card. For the first time, the Venmo Teen Account gives teenagers a way to engage with and learn more about managing money through the Venmo app. The Venmo Teen Account will allow parents to monitor transactions, manage privacy settings, send money to their teen, and will help parents to educate their teens on creating healthy money habits.
“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 finance2,” 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.”
Parents and legal guardians interested in setting up an account can learn more here.
