Digital tools are key to improving financial literacy. As such, Raiz — a licensed Malaysian saving and investing app — aims to tackle this very issue at a foundational level with its new version of Raiz Kids, built into the existing Raiz app.
Parents can set up a separate Raiz account for their children within their own account, allowing the young ones to start investing from an early age. Money transfers from the parent account to the Kids account can even set up as recurring investments; or as a lump sum for their kids.
This account also allows the children to see how investments work, and actively follow how their own portfolios are doing. All this provides valuable tools to help teach them about budgeting, saving, and investing from an early age.
The primary feature of Raiz Kids allows parents the option of either granting controlled access to their children over the Kids account or granting full access immediately. When the child turns 18, the account itself can be transferred to your child, promoting a sense of financial independence and responsibility.
“Thanks to our customers’ feedback, the new and improved version of Raiz Kids gives parents the opportunity to let their kids manage their accounts, so that the kids can learn money management skills in a hands-on, practical manner,” says Aidi Izham, CEO of Raiz Malaysia.
“In line with our belief that early financial education is key to a secure and prosperous future, these new features show that Raiz Kids is not just an investment platform; it’s a powerful tool for parents to instill valuable financial literacy in their children,” he added.
Since its soft launch in January 2024, Raiz has seen more than 3,500 new Raiz Kids accounts registered. Demand is clearly growing as parents appear to be trending towards opening savings and investment accounts for their children, especially via the Skim Simpanan Pendidikan Nasional (SSPN).
