One of the leading financial institutions in the UK, Halifax(part of the Lloyds Banking Group) has launched a new tailored online bankingservice for young customers aged between 11 and 15 in an effort to promotebetter money management skills.
According to Halifax, the new specialized website has beendesigned specifically for younger customers, in association with Childnet Internationaland The Money Advice Service. The new site focuses on inancial education andonline safety information throughout the secure pages, along with access to theHalifax mobile banking app.
Commenting on the launch of the new service, Anita Hockin,head of digital for Halifax said, “A lot of work is being done to improvefinancial education for children and what better way for them to learn thanthrough the management of their own accounts in a forum that will be secondnature to them. A particular tipping point comes when people turn 18 and getaccess to credit – many young people think it is essentially ‘free money’ anddo not take into consideration that they will have to pay it back withinterest. Learning how to keep track of their personal finances online is greatway for young people to learn as they bank.”
While millennials are keen to use digital platforms, theystill need a strong grasp in financial literacy and according to CarolineRookes, chief executive at the Money Advice Service research shows that 71% ofyoung people entering adulthood tend to make fundamental mistakes in theirfirst years of financial independence as a result the new Halifax is a greatattempt to rectify this.
Overview by Tristan Hugo-Webb, Associate Director for Global Payments for Mercator Advisory Group
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