Banks are “slowly but surely” teaching youngsters the benefit of saving their money, HSBC has claimed.
The bank claims that offering accounts for young people helps them to “separate their savings and spending money” and allows them to “get used to managing their finances in multiple accounts at an early age”.
In particular, allowing young people two accounts – one for spending and one for saving – means they can get used to handling separate accounts “as they will do in older life”, said HSBC spokesperson Karen Garner.
“Banks are slowly but surely trying to do what they can to help people start managing finances at a younger age, to give them a head start”, she commented.
A survey conducted by the charity Personal Finance Education found that some teenagers “lack awareness” of how credit card lending works.
Almost a fifth said that they thought credit card loans did not have to be paid back.
© Adfero Ltd