Teens ask for bank transfer rather than cash for night out

Teenagers are far more likely to ask for a bank transfer from their parents for a trip to the cinema than asking for cash, a study has claimed.

Teenagers prefer bank transfers for things like the cinema. Picture: Rex/Shutterstock

Half of under 18s who have a current account with Halifax are now doing so online, the report found, while online and mobile banking among Halifax customers aged 11 to 18 has increased by 40 per cent in just two years.

The study found that on average, teenagers bank online 12 times per month – with 90 per cent of log-ons coming via a mobile phone. Just one in ten log-ons are made via iPads, tablets or desktop.

Internet Matters, which co-authored the report with Halifax, said that more than two thirds of parents are concerned about their children facing fraudulent activity online. Meanwhile, a similar number of parents worry about their children sharing personal information with a stranger or were concerned about them having their identity stolen online.

Carolyn Bunting, chief executive of online safety group Internet Matters, said: “Children are growing up in a digital age so it’s important that children and young adults know how to protect themselves when banking online.

“Our study shows parents have concerns that their children can be left vulnerable to fraud and contact from strangers so they need to be armed with the tools and advice to help protect their children online.

“We hope that by joining forces with Halifax and offering parents some helpful safety tips for online banking - we can help give them peace of mind over their child using mobile devices to manage money.”

The organisation, which has created a video for parents to help keep heir children safe while using internet banking, says that parents should teach their children rules to help protect them from spam and fraud and avoid online scams that encourage children to share their bank details.

The suggestions include setting strong passwords and only accessing their accounts online via secure connections - and never through public wifi - not clicking on suspicions links and using up-to-date anti-virus software.

Russell Galley, managing director of Halifax, said: “Today’s children and teenagers have grown up with the convenience of the internet at their fingertips and so for many online banking is just part and parcel of how they expect to be able to manage their money.

“We hope more parents will have the confidence to give children the skills and confidence they need to get the most out of being online.”