SquareOne - Youth Money

About

SquareOne offers a contactless card and account for children to learn about money management. It suits parents wanting to teach financial literacy, helping kids understand earning, spending, and saving. For example, a child can track their allowance, complete chores for extra cash, and save for a desired item.

What Stands Out

• •Parents can set spending rules and limits, allowing them to control their child's expenditure and create boundaries.
• •Children can complete jobs or set up earning opportunities to gain extra money, teaching them the value of work.
• •The app blocks transactions with R18 merchants, ensuring a safer environment for younger users.
• •Real-time transaction monitoring and balance checks allow both parents and children to stay informed about their finances.

Things to Consider

SquareOne is a Kiwi fintech product; users should verify its availability and specific features within their region. While the app promotes financial education, it's advisable to check if any advanced features or parental controls require a subscription or additional fees.

Useful Tips

1. 01Set up recurring pocket money transfers to help children experience consistent budgeting.
2. 02Encourage children to create savings goals within the app to work towards desired purchases.
3. 03Utilize the job feature to assign chores and reward children for completing them.
4. 04Parents can monitor spending habits through real-time transaction tracking to guide financial decisions.