Young people are mainly entering the world of digital finance through grocery shopping

Opening a bank account is now not only a practical decision, but also a gateway into the world of everyday finances – and at the same time an entry into the natural, safe and convenient environment of digital banking. According to K&H’s experience, more and more parents want their children to learn about financial basics, card usage and the benefits of electronic payments at a young age. The financial institution aims to ensure that young people experience how to manage their own finances responsibly and consciously as soon as possible, while feeling safe in the digital space.

According to K&H’s data, there is nothing to complain about young people: the number of youth accounts managed at the financial institution is growing dynamically. This trend shows that young people are entering the world of banking more consciously, and parents are increasingly supporting them in learning how to use money responsibly.

Dining, entertainment, digital convenience – this is how young people spend

According to K&H statistics, almost half of the card spending of 14–18-year-olds is related to everyday meals. 22 percent of the amount spent with their bank cards or smart devices ends up in grocery stores. This is followed by restaurants, which account for 9.6 percent of the card spending of young K&H customers. The share of other daily food-related spending, such as purchases made in bakeries or cafes, is 7.7 percent, and the same goes for fast food restaurants. So, they consider electronic payment for daily purchases to be safe and convenient, which is also supported by K&H’s continuous developments. The K&H mobile bank application, available to customers – including young account holders – offers a simple, fast and transparent interface for managing everyday finances. Users can even manage their affairs with voice commands: Kate, the digital assistant that also uses AI technology, helps them query their balance, initiate transfers, or navigate through savings options.

Financial awareness can be learned in a playful way

K&H not only makes the convenience of digital banking available to young people, but also the acquisition of the basics of financial awareness. For more than a decade and a half, the bank has been organizing the “K&H Vigyázz, szész, pénz!” competition series, which helps students learn the basics of conscious money management, thrift and responsible decision-making in a playful way. The goal of the program is to make financial decisions for young people an opportunity, not a compulsion – since the conscious use of money can lay the foundation for financial security and independence in adulthood at a young age.