The platform also allows parents to top up accounts of kids and set limits on spending.

Having financial independence is an important thing for teenagers and young adults across the globe, and the ability to shop online, along with ease of digital transactions has only opened doors for them to spend more with increased products to choose from. But with greater splurging power comes great responsibility, which is why knowhow about making informed purchases, as well as the awareness about savings and investments are things that need to be taught to them from an early stage.

Over the past couple of years, the rise of fintech apps has simplified every financial activity from something as simple as paying bills to previously time consuming tasks like stick trading and dealing in crypto currencies. As expenses and means to move money around undergo a transformation in the digital age, an online platform in the UAE has been training teenagers to manage their cash better, while allowing parents to look at what their kids are spending on, from a distance.

Designed to teach young people about the importance of savings and to prevent them from making impulsive purchases in the e-commerce era, the app by Verity comes with a prepaid debit card that allows kids to access the online marketplace. At the same time parents who are supposed to top-up their child's account, also get to set limits on their expenses and also encourage them to earn their fair share.

People can use a reward system, where their children are assigned chores or specific tasks, for which they can get extra cash to spend online through the app. Now available in Arabic and English for Middle Eastern users, the platform plans to add other languages as it expands beyond the region.

For now, Verity has initiated the process to go beyond UAE and cater to young people in neighbouring countries, after receiving funding of its own from investors. The platform which teaches budgeting, saving and investing, was created after a realisation that two thirds of adults aren't really financially literate.