New research shows parents believe teenagers should receive their first debit card at age 15.5, according to a Talker Research survey of 2,000 parents with teens aged 13 to 17.
Parents think checking accounts should follow at age 15.8, while savings accounts should come first at age 13.3. Credit cards should wait until age 17.5, parents said.
Despite these beliefs, many teens lack basic banking tools: 25% have no savings account, 33% lack debit cards, and 47% don’t have checking accounts.
Only 29% of parents feel “very prepared” to teach digital banking skills.
Parents find budgeting the hardest financial topic to explain at 52%, followed by saving at 48%.