Parents speeding up money milestones for teens

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Parents think teens should have their first debit card before their 16th birthday, according to new research.

A survey of 2,000 parents of teens ages 13 to 17 revealed that not only should today’s teens have a debit card (age 15.5, on average), they should also have a checking account around the same age (15.8.).

The survey revealed that a majority of parents think a savings account should come first, with the ideal age being 13 (13.3).

Interestingly, the average parent polled believes that a teen should have access to a credit card at age 17 (17.5).

Conducted by Talker Research on behalf of Huntington Bank, results revealed that many teens don’t have a savings account (25%) or a debit card (33%).

Almost half (47%) say their teen doesn’t have a checking account, and most (65%) have yet to get their teen a credit card, even though 80% of parents say their teen needs more money during an average week than when they were kids, at an average of $108.

Results also revealed a shift in financial timelines, with parents saying financial education and access should be introduced earlier for their children than when they were growing up.

The average parent polled was 17 before they got their first debit card (17.7) or checking account (17.3).

Taking things a step further, almost two-thirds of parents polled (63%) feel like they’re behind financially in terms of preparing for their child’s next steps, whether that be graduation and college, or simply getting a job or car.

And yet with so many digital banking resources offered across the country, only 29% of parents feel “very prepared” to teach their teen how to navigate and understand these tools.

On top of that, parents find that teaching their child how to budget (52%), how to save (48%), how to understand credit (37%), how to understand their taxes (30%) and how to manage debt (30%) are the top five most difficult topics.

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“Our research shows that roughly one in five (21%) parents polled feel ‘very prepared’ to teach their child how to navigate the current economy and only one in five (20%) teens share the same sentiment. That tells us that parents are learning alongside their teens and need resources to help guide them,” said Brant Standridge, president of consumer and regional banking at Huntington Bank. “The financial landscape is drastically different today—and will continue to change with the introduction of new technologies, generational behavior trends and economic shifts—and parents need practical tools that help teens plan and save for their financial futures.”

Results found that the key to progress may be having honest conversations and keeping an open mind. Only 27% say their own parents were “very open” about their financial situation with them when they were growing up, whereas nearly double (57%) say the same about themselves today.

Now, more than half (52%) say they regularly discuss finances with their child.

Financial mistakes or missteps (64%) and financial goals (60%) are the top two topics parents feel comfortable discussing with their teen, and many would go so far as to tell their teen their salary (47%) and how much debt they have (40%).

The survey also asked a few questions geared toward teens directly and found that 90% believe their parents are knowledgeable about finances.

When asked the biggest piece of financial information they learned from their parents, one teen said, “not to waste money on things that I don't really need,” while another took that a step further, saying they learned “not to be tricked by ads or influencers into buying things I don't need.”

Many other teens emphasized the importance of saving, investing and budgeting, mirroring the tools needed to financially succeed in today’s economy.

“This research confirms that parents are working hard to ensure their teen is ready for their next steps. Almost three in five parents (59%) have a lot of oversight over their teens’ finances and 41% hope for more,” said Dan Griffith, director of wealth strategy at Huntington Bank. “It’s not about taking full control, it’s about leveraging common family values to understand challenges and opportunities to find the best solutions and set the next generation up for financial success.”

MOST DIFFICULT TOPICS FOR PARENTS TO TEACH THEIR TEENS

• How to budget - 52%
• How to save - 48%
• Understanding credit - 37%
• Understanding taxes - 30%
• Managing debt - 30%
• How to invest - 29%
• What to invest - 23%
• Online banking safety and security - 19%
• What interest is/how interest works - 19%
• How loans work - 16%
• Managing a retirement fund/account - 13%

Research methodology:

Talker Research surveyed 2,000 parents of teens ages 13 to 17 who have access to the internet; the survey was commissioned by Huntington Bank and administered and conducted online by Talker Research between Feb. 3 and Feb. 10, 2026. A link to the questionnaire can be found here.

To view the complete methodology as part of AAPOR’s Transparency Initiative, please visit the Talker Research Process and Methodology page.