A study conducted by CybSafe, the human risk management platform, has shed light on parents’ priorities when selecting banks for their children.
The findings indicate a strong inclination towards institutions that offer online safety education, with 56% of parents expressing a higher likelihood of choosing a bank if it provides training on staying safe online. This revelation underscores a growing concern among parents regarding cybersecurity education for young customers.
The research delved into parents’ perceptions of banks’ roles in promoting online safety for kids, revealing a significant gap in cybersecurity education. A staggering 82% of parents believe that financial institutions bear the responsibility of teaching children about cyber risks and how to mitigate them. This suggests a critical need for enhanced cybersecurity measures tailored specifically for minors.
Moreover, the study unveiled a notable trend wherein only 27% of children under 18 share the same bank as their parents. With 50% of respondents stating that their child(ren) do not have a bank account, and merely 19% indicating the use of the same financial institution, the influence of digital banking alternatives like GoHenry appears to be reshaping parental preferences.
The availability of online safety resources emerges as a significant factor influencing parents’ decisions when choosing a bank for their children. While 23% of respondents expressed a preference for their own bank, regardless of the presence of online safety education, a majority (56%) indicated that additional security measures and resources would sway their choice of provider. This underscores the growing significance of online protection in consumer decision-making.
However, concerns persist regarding the adequacy of measures implemented by children’s banks. Less than half (48%) of parents believed that their child’s bank was doing enough to ensure online safety, leaving a considerable portion uncertain or unconvinced of financial institutions’ ability to protect minors in the digital age. Dr. Jason Nurse, Director of Science and Research at CybSafe, emphasised the need for banks to play a more active role in promoting online safety for minors.
Dr. Jason Nurse stated, “Our research reveals a clear demand for banks to play a more active role in promoting online safety for minors.”
He further added, “Through nudges, engaging tools, and the ability to measure security behaviors, banks can teach young customers how to identify and respond to suspicious emails, texts, and websites, empowering them to take control of their online safety from an early age.”
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