Should Your Teen Have a Venmo Account? What Parents Need to Know

Yes, teens can safely use Venmo with parental supervision and the right guardrails in place. Venmo teen accounts include built-in parental controls, debit card access, and spending oversight. However, parents should understand the risks of scams, privacy issues, and peer pressure before signing their teen up.

With precautions like setting up parental controls and monitoring their account, your teen can use Venmo safely and responsibly. Here’s everything you need to know about teen Venmo accounts. 

Why do teens use Venmo?

A lot of the reasons your kid might want a teen Venmo account are the same things that make it useful for adults. 

Splitting costs with friends

A Venmo account helps teens split expenses with friends for everything from coffee runs to gas for a road trip to escape rooms. 

Convenience 

Like adults, teens are less likely than ever to carry cash. A Venmo teen account makes life easier for you and your kid. They have the funds they need when they need them, without begging you for physical cash you don’t have. 

Having their own debit card

Not everywhere takes Venmo, but Venmo teen accounts also give kids access to their own debit card. 

Developing financial literacy 

A majority of teens lack personal finance skills, and nearly half report having never made a budget. Experts suggest that giving teens access to financial tools is a great way to teach them financial literacy, with parents providing oversight and guardrails. 

Venmo risks parents need to know

Overall, Venmo is a safe, secure option for teens, but it’s not without risks. Here are five you need to know: 

1. Impulse purchases: Venmo makes it easy to spontaneously buy or pitch in for something, without thinking about consequences or budget. 
2. Peer pressure: One hallmark of Venmo is how easy it makes splitting costs with friends (“just Venmo me!”). Having the app could increase the pressure your teen feels to spend on things they can’t afford. 
3. Privacy concerns: Users can announce their transactions in a public feed, which raises privacy concerns. (Teen accounts are set to private by default, though.)
4. Hackers: Although Venmo has very strong security measures and user protections, like all online platforms, it’s susceptible to being hacked. 
5. Scams: Scammers regularly target Venmo. Teens are particularly susceptible because bad actors may take advantage of their limited financial experience. 

How do I monitor my child’s Venmo activity?

As your child gets their financial sea legs, it’s crucial to support them by monitoring their Venmo activity. A three-part approach is best.

1. Venmo parental controls 

Teen Venmo accounts have great parental controls. Use them to: 

• Access your teen’s transaction history
• See their friends list
• Block users from interacting with their account
• Check their balance and transfer money into their account
• Change their privacy settings (teen accounts are set to private by default)
• Lock and unlock their debit card
• Manage their PIN number

2. Regular check-ins

Communicating with your teen about how they use their Venmo account is key to helping them develop financial literacy. Periodically check in with them about their budget, spending habits, and attitude toward money. 

3. BrightCanary monitoring 

It’s great to see that Venmo has such robust parental controls, but too much oversight can actually do more harm than good. Teens need the freedom to make their own decisions and to learn from their mistakes. Conversely, it’s too risky not to be involved at all. 

With BrightCanary, you get the best of both worlds.  

• BrightCanary scans everything your child types across all apps, including Venmo.  
• If your child puts something concerning in a Venmo transaction note or in a message to a friend about money, you’ll hear about it.
• With BrightCanary, you can monitor your teen’s Venmo account without needing to view every single purchase they make. 

Venmo alternatives for teens

Venmo is one of the most well-known financial apps, but it’s not the only good option for kids. Here are five alternatives to teen Venmo accounts. 

1. GreenLight

• Available to kids of all ages
• Robust parental controls 
• Tools to manage chores and allowance
• Adjustable savings goals 
• In-app financial literacy activities

2. Step

• Builds credit 
• Access to a free ATM network
• Allowance tools 
• Adjustable savings goals 

3. A teen or student account through your bank

• Features vary by institution 
• FDIC or NCUA insured
• Teaches teens about the full slate of banking services
• Often offers a high-yield savings account for minors 

4. Revolut

• Tools to manage chores and allowance
• Adjustable savings goals 
• Access to a free ATM network
• Robust parental controls 

5. Acorns Early

• Adjustable savings goals 
• Tools to manage chores and allowance
• In-app financial literacy activities
• Robust parental controls

Final word: Should your child have a teen Venmo account?

Venmo gives teens access to a debit card, the opportunity to develop financial literacy, and robust parental controls to keep them safe. It’s not without risks, though. Fraud, scams, and the temptation to overspend are a few things parents need to watch for. 

By using the built-in parental controls, regularly checking in with your teen about their spending, and adding a monitoring app like BrightCanary, Venmo is a great option for your teen. 

BrightCanary helps you monitor your teen’s activity on the apps they use the most, including everything they type on Venmo. Download today to get started for free.