The alpha generation is opening a bank account

By: Trademagazin Date: 2024. 09. 26. 08:30

Opening a bank account is an important milestone in deepening young people’s financial knowledge. Many children have their own accounts from a very young age, and the majority of teenagers are eager to have a bank card suitable for online shopping. Adults play an important role in this, since under the age of 18, financial matters almost always require parental consent and supervision. K&H, which is celebrating its 15th anniversary this academic year, Watch out, ready, money! this area receives special attention in financial competitions.

Many domestic banks, such as K&H, provide the opportunity to open a bank account from the age of 14, but in some cases, a bank account can be opened from the age of 7 with the cooperation of the parents. In the case of younger children, the bill is always made with the consent and supervision of the parent. The process of opening an account must be initiated by parents, especially for younger children. Teenagers over the age of 14 can open their own account without the presence of their parents, but their parents’ consent may still be required.

What should parents do?

It is important for parents to review the maintenance fees for the accounts offered by the given bank, as children’s accounts are often discounted or even free of charge. The advantage of digital solutions is that parents can monitor the money movements of the account and the child can also learn to handle basic banking operations safely. So we see that the role of parents is crucial in the financial education of children. When opening an account and using the card, parents can supervise the transactions and teach their children about responsible money management. They can set card usage conditions, such as spending limits or purchase limits. Talking about finances helps children understand the value of money and learn financial planning.