The Chore Scout Challenge - look familiar?Getting everyone to pitch in while learning about money!
Help your customers, help their children realise their goals today and build the necessary financial skills for tomorrow
Watch how some of our partner banks are winning
Invest in Long Term Customer Relationships
Having savings accounts in childhood is associated with being two times more likely to own savings accounts, two times more likely to own credit cards, and four times more likely to own stocks in young adulthood. A wide variety of studies suggest a positive relationship between the ownership of a savings account and higher levels of economic and financial wellbeing. By examining the journey here, banks can begin to choose when to begin working with customers to help them win and build a bank of great customers
Corporate Social Responsibility
A recent study found that child and youth financial inclusion was a sustainability priority for less than 5% of banks. This presents an opportunity to differentiate. As leaders in finance and economies, financial institutions have an opportunity to create the next generation of entrepreneurs, business leaders, and responsible economic citizens. Financial institutions who decide to address these issues broaden their playing field while addressing their social responsibility.
Untapped Savings Market
In the USA, roughly seven in 10 parents give their children an allowance who receive on average $67.80 per month. European parents spend $50 bn and $150bn per year on pocket money, 71% of which give pocket with British parents, giving on average £19 per month and the Portuguese being the most generous, giving 59 euros per month.
Experts advise parents to give children pocket money as soon as they grasp the concept, around 5 years old or as soon as they can count money. This way, money — and an appreciation for things like saving it and what it is used for — become a part of their lives very early on. The sooner they learn, the more likely it will stick when it matters most.
Build an innovative brand
The global financial landscape is becoming increasingly sophisticated with accelerating adoption of innovative financial technology. Serving highly technologically literate children and youth can help financial institutions rethink and perhaps diversify the services and distribution channels they offer. This in turn can have a positive impact on brand perception – the financial institution can meet/exceed/lead market needs – therefore attracting more customers