Aussie teens are financially “wise beyond their years”, says ING
For some parents, talking about trusting a teenager with money is often met with shaking heads and wide eyes.
But according to the newly released research from ING, we may have been a little too quick to judge.
The study revealed that 71% of Aussie teens are already thinking about how much they might need to save in order to be financially secure in the future, with 55% believing that saving now will help them guarantee this.
“The research suggests that today’s teens are very wise beyond their years when it comes to understanding the importance of financial security,” said ING’s Head of Retail Banking, Melanie Evans.
And when it came to exactly how much they’re saving, the study found that 75% of teenagers are saving at least 50% of what they earn each week, while 30% of those aged 16-18 are saving more than 75% of their weekly earnings.
According to ING, teenagers are earning an average of $107 per week.
“Many are putting away half of what they earn and they’re saving for their future and the things that really matter to them, like further education and home deposits.”
Practising financial independence with a little help
It also seems that teens are on top of both their school work and bank accounts, as 87% believe it’s important to have a job while still at school.
Having a job is not a chore to many either, with 48% agreeing that working is important because it gives them financial independence.
So to help Aussie teens maintain this newfound financial freedom, ING has announced plans to create a new account called the Orange Everyday Youth, an account designed for Aussie teens between the ages of 15-18.
The aim of the account is to give teens more control over their money with some of the benefits including:
- No everyday bank account fees
- High variable interest rate of 2.80% when the ING Orange Everyday Youth account is linked to a Savings Maximiser account
- No ATM withdrawal fees locally or globally
- No transaction fees on purchases made internationally or on a international website
- Tap and go and mobile payments with Apple Pay and Google Pay
- Access to ING’s Everyday Round Up tool that helps people save their loose change and earn interest on it
“With no account fees, a high variable interest rate and complete control over how they manage their money, Orange Everyday Youth will be designed to help Aussie teens start out right by empowering them to turn their good intentions into good financial habits,” says Evans.
But if you’re over 18 and are after more freedom with your money, head over to our bank account comparison tool to compare a range of everyday bank accounts.