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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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.
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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.
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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.
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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%).
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.
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