Cash App, part of Block, Inc., announced the launch of new parent-managed accounts designed for children ages 6 to 12, expanding its Cash App Families offering to help households build financial habits together at an earlier age.
The new accounts allow kids to save, receive money, and customize a debit card experience, all under the supervision of a parent or legal guardian. The feature rollout coincides with Financial Literacy Month and reflects growing demand from families for tools that support early money management education.
Managed accounts provide parents with full control, including the ability to send allowances, monitor spending, and set savings goals. Children cannot independently access the app, and all activity is overseen through the parent’s account. Kids can receive money from up to five trusted contacts approved by the parent, while unauthorized transactions are automatically blocked.
The accounts also include a savings feature offering up to 3.25% interest, enabling families to build financial habits through goal-setting and regular contributions. In addition, children can design their own Cash App Visa debit card, while parents retain visibility into spending and can enable features such as round-ups to encourage saving.
As children grow older, the accounts can transition into sponsored teen accounts at age 13, unlocking additional app functionality while maintaining parental oversight.
The launch is supported by findings from Cash App’s “Raising Gen Alpha” report, conducted with The Harris Poll, which highlights strong early engagement with money among children. According to the survey, 89% of parents say their children are currently saving for something, including digital purchases, personal technology, and longer-term goals such as college, cars, and even business ventures.
The data also underscores the long-term impact of early financial education. Parents who learned money management before their teenage years were more likely to develop key financial skills and achieve financial independence earlier in life.
Cash App said the new managed accounts are designed to provide a safe and secure environment, with features such as real-time transaction alerts, spending controls, and continuous fraud monitoring. Accounts may also be eligible for FDIC pass-through insurance through partner banks, subject to terms.
The company is positioning the offering as a way to foster collaborative financial learning between parents and children, helping families move beyond cash-based allowances to digital tools that promote transparency, accountability, and long-term financial confidence.
KEY QUOTE:
“Cash App serves more than 5 million teens on a monthly basis, and we’ve heard from parents that they want to start building good money habits with their kids even earlier. We built managed accounts to give kids access to real financial tools and experiences while keeping parents fully involved.”
Owen Jennings, Executive Officer and Head Of Business, Block
