Children 'should be given bank accounts at 16'

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Children 'should be given bank accounts at 16'

Young people should be given greater financial responsibility and have access to their own money, it has been claimed.

Parenting expert and author Andrew Watson said it could be a beneficial move for parents to give their offspring their own bank accounts when they reach the age of 16, as this will help them learn important financial lessons.

He commented: "So they splash out on a top-of-the-range football and make the mistake of getting overdrawn then, rather than splashing out on a mortgage they can't afford."

Mr Watson added that providing access to financial facilities at a young age could be a beneficial experience for many young people, as it is important to make these mistakes before they cause serious financial damage

According to Phil Perry, director at Ark Financial Planning, the introduction of modern financial resources such as internet access and 24-hour banking have helped young people across the UK to become more financially savvy than previous generations.

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