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Xaalys: the new bank that helps teenagers achieve financial independence

by | Nov 23, 2020 | News, Good plans, Parents, Pedagogy Parents

Managing your budget is not easy! Especially for young people, who are often less aware of the notions of savings and the workings of the banking and financial world. Today, Kidlee you to discover, Xaalysthe first neo-bank that helps teenagers achieve financial independence.

Financial education, a lever to promote youth autonomy

What does it really mean to become financially responsible? It is a notion that comes from autonomy, independence, responsibility and finally, maturity. The first major questions about money generally arise around the age of 18. And this, with the departure of the parental home and the beginning of the active life. Money then becomes a crucial element of daily life. First salaries and credits, first apartment rental, life as a couple or first child... These are the steps that often govern the lives of young adults. But what is the key to learning how to manage your budget correctly?

As is often the case, it all begins in childhood:

To date, traditional banks have made little investment in financial education. These banks, have no practical tools to educate young people on this issue. Since 2012, the OECD's Programme for International Student Assessment (PISA), which tests young people's financial knowledge, has revealed a very low success rate in France. To fill these gaps, it is therefore recommended that financial education be taught from an early age. 

It is estimated that 85% of the population in France have never taken a course in budgeting and financial education during their school career. Yet, such education is essential to make the right decisions in all stages of adult life. These gaps create inequalities and lead many young adults to have difficulty managing their money. 

Xaalys, an educational banking offer for 12-17 year olds 

In this context, Xaalys positions itself as the first financial companion for teenagers. It aims at accompanying them progressively towards financial autonomy in order to make them responsible young adults in the future. Xaalys is a neo-bank dedicated to 12-17 year olds, designed by parents. For a subscription fee of 2.99 euros per month, it offers a first bank account to teenagers. This account is accompanied by multiple educational features, with one ambition: to promote the financial autonomy of the next generation.

Xaalys the neo bank for teenagers is :

  • A payment and withdrawal card for teenagers to pay and withdraw free of charge in France and in the euro zone. 
  • An application designed for the teenager, which gives access to an account, an R.I.B., the follow-up of the balance in real time as well as a chat to exchange with family and friends in the application. From its interface, the teenager also has the possibility to create funds to finance a project, make a wish list, put money aside automatically or make or request transfers. In addition, the teenager can discover the world of banking through educational mini-games from his application.
  • A mirror application for the parent to allow them to fund and set up their child's account with advanced parental control features. The parent can set spending limits, block or unblock certain features and track the teen's account balance.

You want to know more about Xaalys? Find all the details of their services on their site !

Kidlee x Xaalys Exclusive Coupon:

Good news: Xaalys is our partner! In order to celebrate this, all Kidlee community members will be able to benefit from a Xaalys card as well as 3 months of free subscriptions when they register on their application with the code XAAKID ! ?