40% rise in teens managing their money online

As research reveals that online and mobile banking among Halifax customers aged 11 to 18 has increased by 40% in just two years, together with Halifax we’ve create a simple video to give parents confidence to help their child manage their money.

Teens online banking habits

The research also identified teenagers as now being far more likely to ask for a bank transfer from their parents for a trip to the cinema than asking for cash. Half (52%) of under 18s who use a Halifax current account are now doing so online.

On average teenagers’ bank online 12 times per month – with 90% of log-ons coming via mobile phone. Just 10% of log-ons are made via iPads, tablets or desktop.

Parents concerns

The insight comes as our research highlights that more than two thirds of parents (65%) are concerned about their children facing fraudulent activity online. 62% of parents worry about their children sharing personal information with a stranger, while nearly two-thirds said they were concerned about them having their identity stolen.

Supporting parents on online banking for kids

The video that we’ve produced with Halifax is aimed at parents to help give them the confidence to talk to their children about looking after their money and staying safe online. It highlights how parents can help protect their children from spam and fraud and avoid online scams that encourage children to share their bank details.

Video showcased at Halifax branches

The video is being showcased at Halifax branches when parents visit to open a children’s account, helping them to understand some of the dangers online and how to avoid them.

Digital safety and online banking

CEO of Internet Matters Carolyn Bunting​ said: “Children are growing up in a digital age so it’s

important that children and young adults know how to protect themselves when banking online.

“Our study shows parents have concerns that their children can be left vulnerable to fraud and contact from strangers, so they need to be armed with the tools and advice to help protect their children online.

“We hope that by joining forces with Halifax and offering parents some helpful safety tips for online banking – we can help give them peace of mind over their child using mobile devices to manage money.”

Russell Galley, Managing Director of Halifax said: “​Today’s children and teenagers have

grown up with the convenience of the internet at their fingertips and so for many online banking is just part and parcel of how they expect to be able to manage their money.

“By working with Internet Matters, we hope more parents will have the confidence to give children the skills and confidence they need to get the most out of being online.”

[more_info more_info_content=”Encourage your child to watch the Halifax Teen Money videos to help them manage money safely on and offline ” more_info_url=”https://www.halifax.co.uk/bankaccounts/help-guidance/teen-money-smart-spending/” more_info_custom_icon=”8070″ more_info_cta=”Visit website”]

More to explore

Get age-specific advice to keep kids safe online

See advice from Money Advice Service

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