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Giving bank accounts to young Brits will help them learn 'how to budget'

Sixteen-year-olds should be given accounts to help them learn about the value of money, says expert

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16 February 2012

Giving bank accounts to young Brits will help them learn 'how to budget'”

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Young Britons will be able to learn about the value of money if they are given a bank account from the age of 16, it has been claimed.

Last month, the Chartered Institute for Securities and Investment called on the UK government to make bank accounts mandatory for 16-year-olds.

Andrew Watson, parenting expert and author, backed the move as he felt that it would teach young adults about the importance of budgeting.

He said: "The idea of giving them a bank account aged 16 could be an additional resource to allow them to find out how money works, but it will allow them to make mistakes and that's important - within reason - to let them make their own mistakes."

Mr Watson added that it is better for people to "splash out" on a top-of-the-range football and get into a small amount of debt while they are young rather than investing in a mortgage they can't afford later on in life.

The comments follow the publication of a report by HSBC which shows that 46 per cent of British adults struggled to save in 2011.

Posted by Jack Ramsey

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