Cash App Adds Financial Literacy Features for Kids

Cash App is rolling out a new managed accounts feature that allows parents or legal guardians to manage money for their kids aged 6 to 12.

The managed accounts feature provides parents with a dedicated space on Cash App where they can send allowances, set aside savings and track spending for their child, the company said in a Tuesday (April 21) press release.

With managed accounts, parents can automate recurring transfers from their account to their child’s, choose five trusted contacts from whom kids can receive money, earn Cash App’s highest savings rate on their savings balance, allow kids to design their own Cash App Card, and access spending insights, according to the release.

When the child turns 13, parents can choose to convert the managed account to a sponsored account that gives the teen access to the app and additional features, the release said.

The addition of managed accounts marks an expansion of the existing Cash App Families product experience, per the release.

“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,” Owen Jennings, executive officer and head of business at Cash App parent company Block, said in the release. “We built managed accounts to give kids access to real financial tools and experiences while keeping parents fully involved.”

The PYMNTS Intelligence report “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability” found that there is a demand for financial education.

For example, among retail banking consumers in the United States, 53% look to their financial institutions for guidance as they seek to build financial literacy.

In addition, more than half said they had made real improvements in their financial progress by leveraging tips and tools offered by their banking apps.

In an interview posted in November 2025, Jennings told PYMNTS CEO Karen Webster that Cash App has become one of the largest consumer finance platforms in the country, home to the fourth largest debit program in the U.S. and millions of customers who treat it as their primary bank account.