Halifax has launched a tailored online banking service for young customers aged between 11 and 15 in an effort to promote better money management skills.
The bespoke site has been designed specifically for younger customers, in association with Childnet International and The Money Advice Service, and features financial education and online safety information throughout the secure pages, along with access to the Halifax mobile banking app.
Anita Hockin, head of digital for Halifax, says: “A lot of work is being done to improve financial education for children and what better way for them to learn than through the management of their own accounts in a forum that will be second nature to them.”
Caroline Rookes, chief executive at the Money Advice Service points to research which shows that 71% of young people entering adulthood tend to make fundamental mistakes in their first years of financial independence.
“A particular tipping point comes when people turn 18 and get access to credit - many young people think it is essentially ‘free money’ and do not take into consideration that they will have to pay it back with interest," she says. "Learning how to keep track of their personal finances online is great way for young people to learn as they bank”.