From Pymnts · PYMNTS · · 1m 10s
Walmart-backed OnePay launches teen banking program
OnePay's new teen banking program helps families build credit, savings and investing skills.
In brief
OnePay's new teen banking program helps families build credit, savings and investing skills. Teenagers can start building credit and savings with OnePay's program before turning 18. Originally reported by Pymnts.
Teen banking program launch
Walmart-backed OnePay now offers banking for teens ages 13 to 17 with savings, checking, investing and credit builder services.
“A lot of people turn 18 with no credit history, next to no savings, and no idea how to invest or what to invest in”
Credit score goal
OnePay aims for teens to reach a 700 credit score, $1,000 savings and five years of investing experience by adulthood.
Parental oversight
Parents can add teens to OnePay Invest for supervised investments and use the Builder Card to establish early credit history.
Gen Z credit view
21.7% of Gen Z consumers see credit products as a way to build credit profiles, 17.6 percentage points higher than baby boomers.
Credit card motivation
26.2% of consumers without credit cards want to improve their scores, ahead of emergency funds and everyday expenses.
Teen spending habits
40% of millennials and 48% of Gen Z say they’d use cards more often with flexible repayment plans at point of sale.
The one thing
Teenagers can start building credit and savings with OnePay's program before turning 18.
