Poland’s PKO Bank Polski is empowering the country’s youth with a new online back account created specifically for children.
According to Finextra, the account is free, includes a 4.5 percent annual interest rate and is intended for tots under the age of 13. PKO Bank aims to instill financial discipline amongst the youth, as the account offers a platform for children to receive allowances, set personal saving goals and add credit to their mobile phones.
Poland has one of the largest banking sectors in Central Europe, but who are the new accounts meant to benefit—the banks or the consumers?
“There are five million children below the age of 13 in Poland. These are the youngest of the generation for whom interacting with modern solutions and devices is quite natural,” a PKO Bank representative reported to Finextra.
Parents in Poland can register their children to the online bank account, and are told they can link the bank account to their own. A linked account allows for complete parental oversight, and gives the parent the opportunity to help guide youngsters on how to properly deal with finances.
The account amenities are child-oriented and offer playful customization options for its users. Kids can decorate their home page with a selection of wallpaper, photos and sounds. They can even create virtual “money boxes” to help with savings goals. Additionally, they can top up mobile credit through the account, but only with parental consent.
PKO Bank emphasizes the new account’s educational integrity, and claims it serves as an important financial learning tool for children in Poland. The financial industry is becoming more sophisticated and aggressive, and younger consumers are constantly being targeted because of their vulnerability. The bank reiterates the important of educating the youth, and teaching them to set financial goals and manage funds.
“PKO Junior explores that potential as it enables the children and their parents to explore the meaning of enterprise, systematic saving and responsibility, and to master some rudimentary concepts and skills of budget management, an essential part of adulthood,” PKO Bank added.
To read the full story at Finextra click here.