Parents with teenagers have a new option for managing their kids' spending money: Venmo has announced a feature it calls Venmo Teen Accounts. This lets parents create accounts for minors aged 13 to 17. It comes with a Venmo Teen Debit Card, which gives parents or guardians an insight into spending, lets them send money and allows them to manage privacy settings.
According to Venmo, over 50 percent of parents are interested in using apps to help their children learn about money. The company also claims that over 45 percent of Gen Z want to have a conversation with an adult about managing personal finances. The Venmo Teen Account should hopefully bridge that gap for many parents or guardians out there.
Venmo says that the Venmo Teen Account has no monthly fees and that the debit card will have no-fee cash withdrawals at ATMs. Of course, the account will be able to send and receive money from family and friends. Parents and guardians will be able to see friends list, transaction history, account balance, and be able to manage the debit card’s PIN, lock and unlock it and block users from interacting with the account.
And since it’s separate from the parent or guardian’s account, teens will be able to independently track their own spending and learn financial responsibility. Venmo says that teen accounts will be eligible for direct deposit, which is great for those with part-time jobs.
Signing up for a teen account is pretty straightforward. Parents or guardians will need to sign into their personal Venmo account and tap Me > (Your Name) > Create a teen account. From there, you’ll need to add a name, address, and date of birth, and choose a debit card style from a selection of a few colors.
Venmo Teen Accounts will be rolling out to select users in June of 2023 and will be available on a wider scale in the weeks following.