When should I open an account for my child?
Children gradually gain independence over time, starting when they go into a shop to buy something for themselves, then learning to manage their pocket money and eventually saving up for something they’ve long dreamed of having. But how do you know if your teenager is also ready to have a current account of their own? And when is the right time to take the plunge and open one for them?
How old should they be?
Most banks, including KBC Brussels, allow you to open a free account for children aged 10 and older. The application always has to be made by a parent or guardian. After opening the account, you can then keep an eye on things and decide what your child can or can't do with it until they turn 18
When do most parents open an account for their child?
Starting secondary school is a milestone. Teenagers get more freedom and start buying things for themselves more often – and that’s when it’s practical to have a personal debit card. For example, figures show that 62% of 12- to 13-year-olds already have a current account*.
| 10-11 year-olds | 12-13 year-olds | 14-15 year-olds | 16-17 year-olds | 18-19 year-olds |
| 33% | 62% | 79% | 85% | 100% |
* Source: independent consumer survey of 621 parents and 384 young people performed by Profacts and Ipsos.
Knowing if your child is ready for an account of their own
Age is one thing, but ultimately demonstrating responsibility is the main factor in determining whether your child should have their own account. If your child sensibly manages their pocket money or the money they earn doing a holiday job (for instance, not spending everything immediately and sometimes saving up for a more expensive item), that’s a good sign. It’s also important that your child is open to accepting guidance.
Look out for these five signs
Your child:
Makes conscious decisions about spending and sometimes saves up for something bigger
Understands basic concepts like money transfers and contactless payments
Manages pocket money or income responsibly
Is willing to discuss mistakes and learn from them
Respects agreements made about spending
Why having a current account is a smart move
A personal account is particularly useful for learning – sometimes through trial and error – how to budget better and develop good financial habits. You can also use KBC Brussels Mobile to keep a parental eye on things and set rules. That means you can easily discuss matters with your child and tweak things where necessary.
In short, having their own current account helps your child to ...
- Manage money responsibly (saving, budgeting and planning)
- Gain an understanding of income and expenditure by having a banking app
- Pay safely and securely and not run the risk of losing actual cash
- Get familiar with digital payment methods such as QR codes and contactless payments
- Be properly prepared for a cashless society
Young people who are well-informed about money matters and have a sense of involvement will have fewer financial concerns.
Febelfin survey (2022)
So ... is your child ready for their own current account?
Free of charge for 10- to 24-year-olds
Your child really will be delighted! Find out what the free KBC Brussels young person’s account has to offer or start applying now for the account:
