Venmo Now Available for Kids as Young as 13: Should You Let Your Kids Use It?
Written by
Gabrielle Olya
Edited by
Gary Dudak
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Venmo recently launched a “teen account” for users ages 13 to 17. Teens can now utilize the Venmo app by linking it to a Venmo Debit Card, which operates like a traditional debit card. Venmo is marketing this new product as a way for parents to monitor spending while making it easier for teens to make purchases and send money to friends and family.
But is 13 too young for Venmo? GOBankingRates spoke to financial experts to get their insights on the pros and cons.
Using a Debit Card Can Teach Teens Fiscal Responsibility
Todd Stearn, founder and CEO of The Money Manual, said that giving your teen a debit card, such as the one offered by Venmo, can be a learning opportunity.
“You can teach your teenager fiscal responsibility with a debit card,” he said.
Jeff Rose, CFP and founder of Good Financial Cents, gave his own kids debit cards when they were even younger than 13.
“I introduced debit cards to my own boys when they were 12, 9 and 8 years old,” he said. “The idea was to instill financial responsibility and understanding from a young age. It provided a practical, hands-on way to teach them about managing money, saving and making wise spending choices.”
Debit Cards Are a Better Option Than Cash or Credit Cards for Teens
Stearn believes that debit cards are a wise option for teenagers.
“A big advantage of a debit card over cash is that lost or stolen cash is gone, while many debit cards offer some consumer protections when you report the card lost or stolen,” he said. “Debit cards can be superior to credit cards when the debit card allows you to limit the amount they can spend.”
Giving Your Teen a Debit Card Can Provide You With Peace of Mind
Teen debit cards like Venmo’s allow you to track spending and see when your kid’s funds are running low.
“I like teen debit cards that enable you to see where your kids are spending money,” Stearn said. “You might also have peace of mind knowing that your teenager has access to money in case of an emergency. For instance, say your teen drives but runs out of gas.”
Potential Drawbacks
There are some potential cons to giving your kids access to Venmo or any debit card.
“There’s always the risk of them potentially mismanaging funds,” Rose said, “or making impulsive purchases without immediate parental guidance.”
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