Child getting younger own bank account and debit card | Money

This is the result of research by ING, among about a thousand parents with children between 4 and 17 years of age.

“We see that customers are requesting internet banking for increasingly younger children,” says Karin Wartena, specialist child & young people at ING Netherlands. No less than 68% of the little ones between 4 and 7 already have their own bank account. This is 79% for the 8 to 11 year olds and 91% for the 12 to 17 year olds.

In addition, they do not always manage their own card: 6% of 4- to 7-year-olds have their own debit card, 13% of 8- to 11-year-olds and 63% of 12 to 17-year-olds.

Parents are increasingly giving their child both cash and digital pocket money to allow them to practice with both forms of payment. In 2018, 10% did this, now 33%. Two out of five parents still find this complicated, according to the research. It is less clear for children to spend digital money, they explain.

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