These startups want your kids’ allowance
1 min read
Photo caption: Two-thirds of American kids get an allowance averaging $30 a week, a CPA trade group found. | Photo: Unsplash/Allef Vinicius. Article by Benjamin Pimentel. Protocol –
Challenger banks are going younger in search of future customers.
Millennials and Gen Z are already prized markets for challenger banks. But competition is heating up in an increasingly crowded arena, so fintechs and investors are looking for even younger customers — including children who just started getting an allowance.
“There’s this big fight for top-of-wallet, but we’ve also forgotten about the kids who have no wallet,” Taylor Burton, co-founder of Till, a new challenger bank geared to children, told Protocol. “We’re not just trying to put a kid’s face on a debit card similar to putting a name on the back of a backpack. We’re focusing on respecting these young people as the financial actors they are.”
There are roughly 60 million kids under the age of 15 in the U.S., according to United Nations estimates. The American Institute of CPAs reported in 2019 that two-thirds of kids get an allowance averaging $30 a week. That’s mostly spent, not saved. […]
