Tuesday, January 27, 2009

Teenage Usage of Stored Value Cards are on the Rise

A recent article on thisismoney.co.uk discusses how many teenagers from the early age of 11 are beginning to take their own financial independence. Many banks such as HSBC offer cash cards that allow teens to draw money on a specific account outside of normal banking hours. Generally at the age of 11 only savings cards are offered, but as they grow older banks are willing to trust them with debit cards linking them to a simple current account. The younger generation wants to take responsibility in managing their money, it will be interesting to see what the future of banking will hold for teens.

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