Estimated reading time: 7 minutes
In the digital era, it would be helpful for teenagers to develop a basic understanding of handling money. Cash App, recognizing such a need, has developed a new feature known as ‘13 and up’, or you can call it Cash App for Teens, which allows 13-17-year-olds to utilize financial services with parental consent. This initiative allows young people to take charge of their finances and creates meaningful discussions around money in their families.
So, let’s say you are a parent planning to hand over finances to your teenager or you are a teenager wishing to dabble in digital finance; this article will make things easier for you. You will learn what Cash App for Teens does, its advantages, and how to set it up. In continuation of my #fintechsolutions guide, this article is beginner-friendly. It gives instructions on how to get started and stay safe while being responsible for your financial literacy and accounts.
Table of contents
Cash App for Teens: Features, Benefits, and How to Get Started
In November 2021, Cash App moved the age barrier further by introducing the 13 and up feature, allowing teenagers to set up a Cash App account. This changed the way teenagers were able to look after their money while also giving parents the ability to supervise their accounts. This updated feature is one of the many #MoneyAppFeatures intended to cater to the needs and desires of younger users.
Highlights of the Cash App 13 & Up Feature
Parental Control
The account settings are controlled and monitored in real-time by parents during transactions.
Digital Payments
Teens are able to send and receive payments, thus comfortably making peer-to-peer payments.
Teen Debit Card
The app provides a linked debit card, which allows teens to spend responsibly, under parental guidance.
These features enable teens to enjoy their freedom while remaining regulated, allowing them to stay safe and gain basic knowledge of finance.
How to Use the ’13 and Up’ Feature
The ‘13 and Up’ feature is among the best Cash App features and is great for teenagers. Before using the feature, please take the following steps to ensure that you stay safe and responsible while using your account. Let’s go through what you need to do!
Setting Up Cash App for Teens
To use Cash App, users must be at least 13 years old. For minors, parental or guardian approval is necessary to assist with registration. Follow these steps to get started with Cash App:
1. Download and Install Cash App
As a first step, you will need to download the app on your phone, which can either be done from the App Store or Google Play. You can also scan the QR code to download it directly.
2. Create an Account
At the time of registration, you must click on the “I’m a Teen” button and provide required personal information like your name, date of birth, and phone number.
3. Get Sponsored by a Parent or Guardian
After registration, you will need a parent or guardian to sponsor your account. Here’s how it works:
- If they do not already have a Cash App account, they will need to create one.
- Then, they can send a request to sponsor you, allowing you to use Cash App.
- You will receive an email and need to accept the sponsorship invitation.
4. Verify Your Identity
Cash App requires verification, so don’t be surprised if they ask for additional identification, like your date of birth and Social Security number. Simply follow the system prompts to complete the process.
5. Explore Features
Once you get the required approval, you will be able to use the following features:
- Make peer-to-peer payments for shared expenses like meals or activities.
- Use the Cash App debit card to buy everyday items.
- Track your expenses and savings with the app.
Why Cash App for Teens Matters
The feature is not just about convenience; it is a tool for building financial literacy. This feature provides distinct advantages for both teens and parents, fostering financial responsibility and control. Below is a breakdown of its key benefits:
| Benefits for Teens | Benefits for Parents |
|---|---|
| Understanding Digital Payments: Teens learn to navigate today’s cashless economy effectively. | Parental Oversight: Parents can approve transactions and set spending limits. |
| Real-Time Tracking: Teens gain insights into spending and saving habits for better money management. | Teaching Financial Discipline: Parents can teach financial responsibility through real-time spending examples. |
| Building Responsibility: Cash App’s debit card encourages budgeting and delayed gratification skills. | Enhanced Control and Security: Parents can monitor activities and ensure safety for their teens. |
Fostering Parental Oversight and Financial Education
The “13 and Up” feature emphasizes parental participation. By linking accounts, parents can monitor their teen’s finances and have constructive discussions about money. This partnership creates practical lessons on:
The “13 and Up” feature emphasizes parental participation. By linking accounts, parents can monitor their teen’s finances and have constructive discussions about money. This partnership creates practical lessons on:
- Budgeting: Parents can help teens allocate money for specific needs, like school supplies and savings.
- Spending Wisely: Parental supervision helps teens curb irresponsible spending habits.
- Saving for Goals: Teens can set financial goals, like saving for a new gadget or a trip, and develop the discipline to achieve them.
Handling Issues and Misuse of the App
Though Cash App for teens is fully functional, some risks exist. These are addressed to ensure a safer experience for teens.
Features for Safety
- Teens cannot engage in cryptocurrency trading or stock investing, as these activities are restricted based on age.
- Teens should be aware of phishing scams and avoid unsolicited payment requests.
- Parents should encourage their kids to use their Cash App debit card moderately and remind them of the importance of using savings accounts or physical cash.
How to Maximize the Cash App Experience
Now that you know how to create a Cash App account for teens 13 and older, let’s explore how Cash App can become a valuable tool for both teens and parents. Here are some practical #CashAppTips to get the best out of this app:
For Teens
Keep in mind that Cash App is not just a digital wallet; it’s an opportunity to shape good money habits. Set clear goals, whether it’s for a new gadget or a hobby, and monitor your spending to reduce waste. Understanding basic financial terms like transaction fees, savings, and budgeting will empower you to manage money better.
For Parents
Parents can use Cash App for kids to teach their teens about financial literacy. The app’s parent settings help you monitor spending without being intrusive. Even if direct investments are not allowed, Cash App is still a great way to explain how money grows and the importance of saving for the future.
Cash App for Kids: Your Essential FAQ Guide
By interacting with money, teenagers develop the necessary skills to manage it—an important reason why tools like Cash App are perfect for digital-native minds. This approach complements traditional money management lessons, like saving and budgeting.
Key Lessons Teens Learn:
1. Budgeting Skills: Teens learn to divide their income into categories for specific needs.
2. Responsible Spending: Real-time tracking helps teens understand how they spend and offers insight into their finances.
3. The Importance of Saving: Teens can set financial goals and learn to save for personal targets, like purchasing a new item.
Parental Role:
Parents can strengthen these lessons by engaging in discussions about bank accounts, interest rates, and other financial concepts, giving teens a broader understanding of money management.
Conclusion
I hope this guide has given you the insights you need to use Cash App for Kids effectively. Cash App is not just a payment app but a first step toward financial independence and sound financial practices. This combination of modern practicality and parental control allows teens to explore a cashless world safely.
For parents, it offers an excellent opportunity to foster trust and teach responsibility. If used wisely, the Cash App can be a powerful tool in helping teens become financially literate and ready for a brighter future.
You may have noticed some repetition in explaining key points throughout this guide. This was intentional, as I wanted to ensure clarity and reinforce the important aspects of using Cash App for teens. Sometimes, repeating essential ideas helps emphasize their significance, especially when dealing with such an important topic. I hope this approach made the concept more accessible and easier to follow for everyone.