Clicks within a cash transfer app equal real cash. Help your kids understand digital money is equal to actual dollars. While the leading cash apps are considered secure and can be used with little concern, there’s always the potential of a cyber crook finding a security loophole that exposes your money, banking information, and identity. That means if your child (or you) accidentally sends money to an unintended recipient, they may have a tough time recovering those funds.Įvery app comes with some degree of risk. Most money transfer app funds are not FDIC insured. Sounds awesome right? But with ease comes risk. Some common cash apps include Venmo, Zelle, Cash App (Square), Pay Pal, Zelle, and Facebook Pay, among others. Cash apps also come in handy for families and allow parents to instantly send their children money for daily expenses such as school or sports fees, meals, purchases, or entertainment. Cash apps have become a popular tool with kids and an easy way to split costs or pay someone for a purchase.

Instant TransactionsĬash apps allow kids to exchange money with friends directly from a secondary established account, much like handing another person cash. But while cash apps are a popular and convenient tool, they come with some risks families should consider.

Kids can also get a cash app debit card for retail purchases. As of 2021, most cash apps allow kids 13 and up to open accounts (previously, the age was 18).

This growing paperless reality fast-forwards the parenting task of educating kids on financial responsibility. Fewer people carry cash these days, kids included.

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