Halifax has created an online banking service aimed specifically at helping younger customers manage their finances.
The site has been tailored towards owners of Halifax’s Expresscash youth account, aged between 11 and 15-years old.
Developed in partnership with Childnet International and The Money Service, it provides users with online safety information such as a tips list for how to carry out secure transactions on the internet.
It also offers financial education information, with Halifax claiming that customers using online banking tend to be better at managing their savings, as well as access to Halifax’s mobile app.
“It is clear that online banking is having a positive impact on those that are actively making use of the service. That is why it is extremely important to introduce our younger customers to this, and help them make the most of their finances,” said Anita Hockin, head of digital for Halifax.
“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.”
Research carried out by Halifax shows that four out of five (79 percent) online customers will access accounts more than 60 times a year on average, falling to around one in ten (12 percent) for those not online.
Caroline Rookes, chief executive at the Money Advice Service said: “Developing good money management habits early is vital. Our research tells us that the proportion of young adults making mistakes with their money in the first years of financial independence is very high.
“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.”
The launch follows a the publication of a report by the British Banker’s Association yesterday which revealed that digital services are booming among all generations. However, it is the younger generation which is most likely to use online banking services, with almost 16 million registered in the UK.
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