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Complete Story
05/11/2022
15-Year-Olds Are Reshaping Banking and Credit, and Changes Are on the Way
PYMNTS.com
The Bank of Mom & Dad (BOMD) isn’t just a sitcom line. One analysis found that parents lent their kids a collective $47 billion in 2019, mostly in the form of down payments on first homes
What if those first-time homebuyers had become financial ninjas at 15? They might not have needed that humbling BOMD loan. They could be part of a financial groundswell that makes today’s teens unlike any generation of adolescents before. It’s the teening of digital banking.
As Copper Banking co-founder and CEO Eddie Behringer told PYMNTS’ Karen Webster, today’s up-and-comers include Gen Z, born between 1997 and 2012, and teenagers being called “Generation Alpha” by some, born around 2010 in the wake of the housing crash.
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