"Venmo's Teen Account: A Parent's Guide to P2P Payment Apps"
Venmo has launched a new linked teen account that parents can open with select features for kids aged 13 to 17 years old. While some teenagers already use Venmo, individual account holders must be at least 18 years old, or the age of majority in their state, per the app's user agreement. Peer-to-peer payment apps, also known as P2P apps, are widely in use throughout the U.S. and are used by 64% of adults, including 81% of those ages 18 to 29, according to a 2022 report from Consumer Reports. However, experts urge caution when using P2P apps and suggest that parents teach their kids how to use these financial tools wisely and educate them on how to avoid common pitfalls.