More than half of school students aged 7-10 years use some kind of financial app in their daily lives in Hungary, according to representative research presented at a joint press conference held by Erste and Visa.
It was also revealed that parents believe ages of 7-10 years are the most appropriate for introducing children to money management.
Gyula Szincsák, a senior payments solutions expert at Visa, highlighted the digital payments provider’s three-country survey, noting that although children do not yet make payments themselves, 7 out of 10 children influence their parents’ spending. Some 58% of 8-11-year-olds and as many as 87% of 12-14-year-olds influence their parents’ purchasing decisions.
The Visa expert explained that, according to their research, parents are the primary influencers of children’s financial habits; 42% of 10-14-year-olds have their own bank accounts, and Hungarian parents exercise greater control over their children’s finances compared to parents in other countries.
Parental awareness plays a key role; by adolescence, 59% of 12-14-year-olds already prefer digital payments, and one in three children receives regular allowance. The age of 10 to 14 years marks the era of digital independence, he noted.
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