State of Banking for Families report cover

State of Banking for Families – report for banking institutions and fintech companies

Learn about the next big thing in fintech: filling the generation gap in online banking and financial education

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Why banking for families?

Online banking is taking a strong position in the global financial landscape. According to UK Finance, more than 70% of customers have used online banking in 2017, and the number is growing each year.

On the other hand, many adults find it difficult to educate their children about online security and proper use of online tools, which results in a significant knowledge gap. Will parents be able to fill this gap with so many new banking tools on the rise?

Online banking across generations

The digital era has taken financial education and banking for young generations to a point where parents can hardly handle the task of teaching their children about money and budgeting.
  • Financial education challenges

    98% of parents believe educating children about finance is important. However, only 31% of them talk to their children about saving money.

  • Kids’ access to money

    87% of parents stated their children have piggy banks or other ways of saving money. However, if their children were to use a finance app, almost 35% would like to keep it under total control.

  • Online banking in the mainstream

    In 2018, 55% of banking apps used in the US were full-service banking apps, followed by peer-to-peer payment products (40%).

Let’s work together

Essential insights about banking for families

  • More than 70% of customers have used online banking in 2017, and the number of users is growing each year.
  • With their parents’ consent, children under 18 years old open about 750,000 new bank accounts in the UK each year.
  • In the UK, kids as young as 6 years old can get a personal contactless payment card.
  • As much as 43% of UK students can’t tell the difference between a credit and debit card.
  • 71% of parents in the UK feel comfortable getting a prepaid payment card for their child.

Netguru in numbers

  • 750,000

    kids’ bank accounts opened per year in the UK

  • 92%

    9-year-olds with access to a mobile phone (Norway)

  • 38M

    UK adult users of online banking (2017)

  • 17.2B

    credit card transactions in 2017

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