Banking for kids

20 May 2005
Young people are being urged to open their own bank accounts so as to ensure they do not miss out on key benefits.

Teenagers can be eligible to receive money for staying on in education after GCSE age - whether taking a vocational course or A-levels - but a new survey has found that many do not have bank accounts and are therefore unable to take advantage of the incentives.

A MORI poll found that 24 per cent of Britain's 16-year-olds do not have a bank or savings account, and so cannot gain access to the money that they could qualify for through the Educational Maintenance Allowance (EMA).

Therefore, children across the country are being encouraged to start banking and many financial institutions are gearing up for an influx of young people by offering a range of accounts aimed at the younger market.

Sixteen-year-olds in London are most likely to miss out, with 40 per cent of them not having bank accounts.

To read more about child savings click here.

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