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News > Fintech

Online banking up 40% among teenagers

Tom Belger | 07:29 Wednesday 21st February 2018

A study from Halifax and Internet Matters has revealed a 40% rise in online and mobile banking among teenagers in just two years .

The research is part of a campaign which aims to give parents the confidence to help their children to manage money online.

The data – which looked at Halifax customers aged between 11 and 18 – also found that 90% of teens accessed online banking via smartphones.

On average, teenagers banked online 12 times per month, but the research also revealed that 65% of parents were concerned about their children facing fraudulent activity online.

Internet Matters and Halifax have produced a video aimed at parents to help give them the confidence to talk to their children about looking after money and staying safe 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,” said Carolyn Bunting, CEO at Internet Matters.

“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.”

The video can be viewed in Halifax branches when parents visit to open a children's account.

“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 [are expected] to be able to manage their money,” said Russell Galley, managing director of Halifax.

“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.”

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