Understanding how young people manage their money

Yesterday we announced that 16-17 year olds can now have Monzo accounts! :tada:

As part of launching this, we talked to a lot of young people - and their parents - to find out what challenges they face in their financial lives, and what we could do to help.

Here’s what we found :slight_smile:


As someone who joined Monzo at 17 I must admit it did teach me a lot more about money and stopped me from overspending and convinced me to save. I always had trouble overspending on Lloyd’s because they show your account balance, and then available money and this always confused me into believing that I had more money available to spend than I did. Monzo doesn’t have this and this was one of the main reasons I moved across. Saving was also just way easier on Monzo and I liked the ability to automatically save money.

Very glad I made the change.


As I joined university at 16 (I’m 17 now), I was really happy that monzo was available for young people. It is really helpful when it comes to manage money, with instant notifications and the tool to budget. Moreover, as I’m from France it was really nice to use it when I came back home over Christmas!