Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has been made of trends of junior bank account openings and levels of savings for young people since 2015.

Ensuring that individuals have access to appropriate financial services and products is a key Government priority. This is vital for supporting financial resilience and wellbeing and enables people, including young people, to fully participate in the economy.

HM Treasury does not hold data on junior current account openings specifically. However, the Money and Pensions Service’s (MaPS) UK Strategy for Financial Wellbeing 2020–2030 reports that one in ten 16- to 17-year-olds have no bank account at all. Of those who do have accounts, 30% have never deposited money.

Through the Financial Inclusion Strategy, the Government is working with schools and the Money and Pensions Service to improve young people’s financial capability. As part of this, financial education will become compulsory in primary schools in England through a new statutory requirement to teach citizenship. In 2025–26, MaPS will also pilot its Talk, Learn, Do programme, which helps parents have money conversations with their children. The pilot will run through five family hubs and other organisations that support families in England, with the aim of achieving sustainable scale across the UK.

The Government is also supportive of industry’s efforts to develop age-appropriate products and services for young people.