Verizon introduces a children's money management app

Verizon Family Money includes a spending card and savings account and is free for 30 days.

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Corinne Reichert (she/her) grew up in Sydney, Australia and moved to California in 2019. She holds degrees in law and communications, and currently writes news, analysis and features for CNET across the topics of electric vehicles, broadband networks, mobile devices, big tech, artificial intelligence, home technology and entertainment. In her spare time, she watches soccer games and F1 races, and goes to Disneyland as often as possible.
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Verizon is touting a new initiative it says is meant to help improve kids' financial literacy, helping them save, earn and spend sensibly with a prepaid Visa card and app. Verizon Family Money will include a spending account and savings vault, with parents able to monitor and cap spending, and set up allowance deposits, the company said Tuesday.

The app will track spending and give real-time spending alerts to parents, and it'll let kids tick off chores for rewards from parents and build savings.

Read more: Personal finance in 2021: How will tech help us manage our money?

Verizon and non-Verizon customers can try out the app and account for free for 30 days, after which it costs $6 per month. The fee includes accounts for up to five children aged between 8 and 17 years old.

"With Family Money, we're showing what's possible when tech and financial services come together," said Todd Oberstein, Verizon's executive director of product management and development. "It's the perfect way to help kids learn the ins and outs of managing money."

The Visa prepaid card is issued by Metropolitan Commercial Bank, and Verizon partnered with digital banking platform Galileo to create the app.