New Raiz App Update Allows Children to Learn Budgeting, Saving, and Investing
by Fintech News Malaysia February 19, 2024Raiz, a joint venture company between Raiz Invest Australia and Permodalan Nasional Berhad (PNB), is introducing an updated version of its Raiz Kids feature within its savings and investment app.
The Raiz app enables its users to cultivate a regular saving habit by saving the spare change from their everyday purchases.
The updated version of the Raiz Kids feature allows parents to do the same thing for their children as it is designed to foster financial responsibility from a young age.
This feature aims to educate children about budgeting, saving, and investing through hands-on experience. Parents have the option to grant their children controlled or full access to their accounts, providing a practical platform for learning about financial growth.
The service permits parents to create separate accounts for their children within their main Raiz account with customisable settings.
Additionally, parents will also be able to transfer funds from their main Raiz account to the Kids account, set up recurring investments or invest a lump sum for their kids directly.
Upon reaching adulthood at 18, these accounts can be officially transferred to the child’s name. Over 3,500 Raiz Kids accounts have been registered since its initial release in January.
“Thanks to our customers’ feedback, the new and improved version of Raiz Kids gives parents the opportunity to let their kids manage their accounts, so that the kids can learn money management skills in a hands-on, practical manner.
In line with our belief that early financial education is key to a secure and prosperous future, these new features show that Raiz Kids is not just an investment platform; it’s a powerful tool for parents to instill valuable financial literacy in their children,”
said Aidi Izham, CEO of Raiz Malaysia.
