At The Greater, we're for customers first and foremost. We exist as a business to constantly find better and more innovative ways to meet the needs of our quarter of a million customers.
Recently we conducted a survey based on a sample size of 971 parents aged 18 years an older with a child aged between 10 and 18 across NSW and QLD.
As a mother of three, I was particularly interested to get an idea of how our customers felt about their kids and their relationship with money.
- 48% of children’s first bank accounts are opened before the child turns 10.
- The top three reasons for opening a child’s first banking account are “to save money” (58%), “an account for wage deposits” 35% and “to learn how to bank” 31%.
- Parents consider no fees (87%) and interest on savings (73%) to be the most important features of a youth account; followed by education on banking (65%).
- A parent’s level of comfort with their child using a debit card increases as a child’s age increases. On average, parents’ preferred age for their child having a debit card to shop online is 15.8 years. One in five parents (19%) with a 10 year old are comfortable with their child having and using a debit card.
- Fathers are more comfortable with their children using a debit card than mothers. A total of 45% of males are comfortable and 39% uncomfortable. For females the figures are 30% and 50%.
- 63% of parents give their kids, aged between 10 and 18, pocket money. The average amount given is $15 per week. A third (33%) give between $5 and $10. One in ten (10%) give $25 or more while 9% say the amount “depends”. The average for 10, 11 and 12 year olds is less than $10 which increases to around $25 for 17 and 18 year olds.
- Almost one in two parents surveyed (48%) believe that financial institutions should play a role in educating children about banking.
- There were some regional variations with the average pocket money highest on the Central Coast $16 and lowest in the Illawarra $12.