Customers of the Halifax youth account, Expresscash, now have access to a bespoke online banking service, intended to help them manage their money effectively. This has been designed in association with Childnet International and The Money Advice Service and features financial education and online safety information, along with access to the Halifax mobile banking app.

Anita Hockin, head of digital at Halifax, says: “It is clear that online banking is having a positive impact on those that are actively making use of the service. That is why it is extremely important to introduce our younger customers to this, and help them make the most of their finances. A lot of work is being done to improve financial education for children and what better way for them to learn than through the management of their own accounts in a forum that will be second nature to them.”

Caroline Rookes, chief executive at the Money Advice Service, comments: “Developing good money management habits early is vital. Our research tells us that the proportion of young adults making mistakes with their money in the first years of financial independence is very high (72 per cent). A particular tipping point comes when people turn 18 and get access to credit - many young people think it is essentially ‘free money’ and do not take into consideration that they will have to pay it back with interest. Young people leaving school, perhaps starting full-time work for the first time, or heading to college can be especially vulnerable to poor financial decision-making because many haven’t been given the chance to manage their own money. By gradually taking on more responsibility for their own money, rather than relying exclusively on their parents, financial independence need not be such a shock. Learning how to keep track of their personal finances online is great way for young people to learn as they bank."

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