Are you a saver?
A recent Ipsos MORI/Mintel report suggested that 48% of parents save for their children in a savings account, rather than an ISA, Child Trust Fund or Bond, for example. While this money is most likely earmarked for University fees or a partial deposit on their first home, it's probably important to you that they'll spend it wisely.
Encouraging school age children to embrace managing their money at an early stage is always important, so important that the Government introduced financial education into the national secondary school curriculum in September 2014. With the connected expectations of a youth audience, also offering younger customers the opportunity to choose how they want to bank makes sense to us.
With almost 50% of our customers, across all age groups, choosing to bank online with us, it's important to us that younger customers can benefit from the same quick, easy and safe digital access as the rest of our customers, as well as grow up with good financial habits. That's why we now offer Internet Banking to our Under 19's Current Account customers from 11 years + and Mobile Banking from 13 years +.
In giving responsibility and accountability to our younger banking customers, it's easy to forget that they are still children. Here are a few important things to remember when helping your children manage their money online which might even help to have a positive impact on their safety online, in more areas than just banking.
Don't share your internet banking information.
Don't use the same passcode as on your phone.
Don't use your date of birth or the same digits for multiple things.
Do be wary of free wifi.
Do download the app.
While your child might trust their friends implicitly, it might be worth reminding them that their online banking log in information needs to be kept secret. If they'd consider sharing the passcode for their phone or their Facebook or email password, then this is certainly one to stress not to share.
Does anyone know your phone passcode? If you answered yes, consider that your child may have also shared theirs at some point. Encouraging them to select passwords and memorable information that are secure but memorable, is a great way to help them keep their account as secure as possible.
It might seem obvious to you, but having the same passcode or PIN for multiple accounts increases the risk of fraud. If a thief or fraudster can access one of your accounts, by any means, they can access them all if your security information is all the same or similar.
Does your child love the free wifi in your local coffee shop or clothes store? Again, while the transactions made within your banking app will remain secure, the other data on your phone might not be so safe. This includes autofill password information which could be stolen from your phone over a connection which is not secure.
Did you know that banking apps have a secure shell? This means that any transactions which happen within the app, once you are logged in, are secure. Any transactions that you make on your phone outside of the app are not secure. See our blog on mobile phone security for more.
Search for #TSBYoungSavers on Twitter to see our Q&A.