Apps & Consumer
Cash App expands youth services to children aged 6 to 12
Cash App is expanding its U.S. youth services to include children aged six to 12, allowing parents to manage accounts and debit cards for their kids.
On Tuesday, Cash App, the financial services application owned by Jack Dorsey’s Block, announced it is expanding its U.S. services to target children between the ages of six and 12. Under the new program, parents can set up and manage financial accounts for their children, who will receive a physical debit card linked to the account. Parents retain control over the funds, with the ability to deposit and monitor money. These parent-managed accounts are eligible to earn up to 3.25% in interest and can receive peer-to-peer (P2P) payments—which are direct transfers between users—from a restricted list of approved accounts, such as those of grandparents.
The expansion is designed to introduce younger users to financial concepts early. According to Kristen Anderson, group product lead for Core Networks at Cash App, the company decided to lower the age limit because of demand from its existing user base. “Cash App has been serving teen accounts for a number of years, and we’ve seen through our customer base that there is just this desire to be able to bring kids into the experience earlier,” Anderson said. She noted that the feature allows children to “learn about savings and savings goals” alongside automated allowance transfers scheduled by parents. Once children turn 13, they can graduate to their own Cash App accounts with parental approval. These sponsored accounts—which are parent-monitored accounts for users under 18—allow teenagers to access broader features, including stock and bitcoin trading, subject to adult approval.
By lowering the age threshold, Cash App is positioning itself to capture Gen Alpha before they reach adulthood. The platform already has a foothold in the youth market, boasting 5 million monthly active teen users, according to Owen Jennings, executive officer and head of business at Block. Other platforms in the youth fintech sector continue to navigate the market, such as Step, a financial services provider for users under 18, which recently garnered government scrutiny over its acquisition by viral TikTok star MrBeast.
Why it matters
Cash App is capturing the Gen Alpha demographic early, aiming to build long-term brand loyalty and financial habits before these users reach adulthood.