K&H: huge increase in card purchases by young people

By: Trademagazin Date: 2023. 03. 01. 10:31

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Banking is becoming increasingly popular among young people, the number of youth bank accounts available at K&H for 6-26-year-olds exceeded 60,000 by the end of last year, which represents a 13 percent increase compared to a year earlier, the financial institution announced. The number of card transactions connected to young people’s accounts exceeded 10 million, which corresponds to an annual increase of 86 percent.

An increasing number of young people are embarking on the path of financial independence, that is, they are opening their own bank accounts. K&H announced.

At the end of last year, the financial institution managed more than 60,000 youth accounts, compared to just over 53,000 a year earlier, and almost 38,000 at the end of 2020. This corresponds to an increase of 13 percent year-on-year and 59 percent in a two-year period. “Opening an account is a step up for those involved in several ways: on the one hand, for those who previously had no banking relationship, and on the other hand, for those who did not have an account, but had a companion bank card linked to their parents’ bank account. Having your own account and card is an important step on the path to financial independence and financial awareness,” said András Árva, K&H’s marketing manager responsible for the residential segment.