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Bank to help youngsters manage money through video blogs

Halifax is working with young vloggers to educate children on money management

Halifax is working with child YouTube stars to help educate youngsters on how to manage their money.

The bank, part of Lloyds Banking Group, is working with kids who have established Youtube channels where they broadcast video blogs, known as vlogs.

Working with the bank, the Youtubers will create videos for 11 to 15 year olds, offering advice on savings, spending and online safety. The bank is also creating videos aimed at parents to help them talk about these topics with their children.

The idea was conceived as a result of current trends, such as the growth in youngsters watching Youtube and following online vloggers. According to research by Internet Matters, three-quarters of 5 to 15 year olds use YouTube. The study also revealed that parents find it difficult to talk about money with their kids.

In 2015, Halifax launched an online banking service aimed at 11 to 15 year olds. The service, which was designed with Childnet International and the Money Advice Service, provides financial education and online safety information, as well as access to the Halifax mobile banking app.

Despite the attraction of online content, most 11 to 15 year olds do not use online banking services.

The Internet Matters research revealed that children post an average of 26 times a day on social networks such as Facebook, Instagram and YouTube. But although they are spending 15 hours a week online, only 48% of 11 to 15 year olds with a Halifax account regularly use online banking.

The three vloggers chosen by Halifax to create the educational videos are 14-year-olds Ambi and Evie, and 15-year-old Oscar. They already vlog about a variety of subjects, such as fashion and politics, to more than 55,000 subscribers.

Nick Williams, managing director for consumer digital at Halifax, said money management is important for people of any age.

“We recognise the challenge of helping to educate our youngest customers, and the vloggers have been brilliant by sharing their stories to give their peers the confidence to look after their money today and in the years to come,” he said.

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