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Do teenagers need bank accounts?

Simon Andrews, founder, Addictive Mobile looks at family dynamics and the benefits of mobile financial services.

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Comments: (1)

A Finextra member
A Finextra member 24 July, 2013, 10:45Be the first to give this comment the thumbs up 0 likes

Great soundbite ending there. I have to agree, teenagers need money, and banking type services, but an actual bank, thats not really needed.

Teenagers need to be able to spend money, to receive it, but they dont have a need for a direct debit, bills to be paid, even online banking as such, so their need for a typical bank isnt there. Basic banking type services is something that we have looked at a lot with our Zync Wallet product. How do teenagers receive money from Mum, Dad, Grandparents etc. How do they go about spending it. How can parents fund their kids and yet restrict potentially where and what they can spend that money on. These are all real needs that mobile potentially can solve, and thats why we've spent a lot of time and effort in making sure our wallet works for everyone....