A campaign which aims to give parents the confidence to help their children manage their money online has revealed that online and mobile banking among Halifax customers aged 11 to 18 has increased by 40% in just two years.
The joint initiative between not-for-profit organisation Internet Matters and Halifax has 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.
The insight comes as Internet Matters also reveal 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.
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 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.
The video can be viewed in 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.
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.”