Should teens use Venmo? The cash-sharing app is unveiling a platform for teens that is designed to teach 'financial responsibility.'
Money transfer app Venmo this week announced a new service for teenagers that hopes to educate teens on"financial responsibility."
Venmo says 13 to 17-year-olds can now sign up for an account with the approval of a parent. The app will also allow teens to sign up for a Venmo debit card. "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 finance," said Erika Sanchez, vice president and general manager of 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.
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