Disgusting behaviour by Natwest

[EmB1988]

Hi to all, I have often found myself on this site after googling a million and one parenting questions.
I hope i am not alone with how appalled i am with what Natwest bank have sent my 5 Month old baby after starting her a Bank account for all her money gifts etc. I assume they have sent this out to countless other children as well. A teach kids how to borrow and lend money activity. As part of their learn how to save pamphlet.
I have already been on to them today explaining my disgust at their clear conditioning of children to accept debt as part of every day life.

Ok she's a bit young but they will need to learn how to manage debt/manage money

Ok she's a bit young but they will need to learn how to manage debt/manage money

Not at all. Age appropriation for a start. A Loan/Credit card is only available at the age of 18. So therefore this is an Adult topic. No child should be cattle herded into believing that debts should be the norm. It is clearly a way for the Banks to profit and this s no more than a way of conditioning children to believe that this is part f every day life

Is it for the kids? Or is it aimed at parents?

Considering your 5 month old can't read, I'm not sure why you are so worked up about it.

the Pamphlet

Is one not pretending to be the bank if it is a savings topic?

I don't like it no, but presumably most people will be in debt however short term at some point in their lives so will need to learn how to manage money.

But this is too much, I don't like it at all. What's next a calculate the interest rate game? Nasty and money grabbing, I'd be nicknaming it the Little Shylock account. Bravo for making the point to them op

They are telling kids to play a "game" Lending and borrowing money and sticking to payment dates. It is literally teaching kids how to get into debt.

I think that's awful too.

Debt does not need to be a part of everyday life.

I think teaching children about how to manage finances is important. That said, 5mo is a little young to start!

Right, so in that case I expect you'll never have a mortgage, then?

Because that is exactly what is being described.

It's just a slightly crap bit of marketing, it's not handing out pretend credit cards or sending a virtual bailiff/loan shark out to terrify Pigby. I really can't get worked up by it.

Not necessary for younger kids maybe, but how many people buy a car on finance, or get a mortgage, or buy a large purchase on credit? Quite a lot. Better to understand it than not.

"Right, so in that case I expect you'll never have a mortgage, then?"

Do you really think a mortgage is something that a Child should be concerned about?
They have a lifetime ahead of them. There is absolutely no need for a young child to be concerned with financial responsibility under the age of 7. Same reason why you wouldn't show a child televised scenes of an adult nature.

Not necessary for younger kids maybe, but how many people buy a car on finance, or get a mortgage, or buy a large purchase on credit? Quite a lot. Better to understand it than not.

How many people in these circumstances end up ill due to stress? Bankruptcy? Bailiffs? Debt Collectors? Sleepless nights? Miss sold affordability on Payments? Job Loss? Individual Voluntary Arrangements? Debt Management plans? Court Appearances? CCJs? Eviction? Repossession? Go and teach your child about all these as well then?

I wouldn't get quite so worked up about it but I agree, it's not great. Let's teach them just to save first. Or save some, spend some etc.

"I wouldn't get quite so worked up about it but I agree, it's not great. Let's teach them just to save first. Or save some, spend some etc."

Couldn't agree more, Saving is definitely a good lesson. However let us all remember that Natwest are under RBS who had to be bailed out by the government. The recession happened because of unscrupulous unsecured lending without due consideration for ability to make repayments. They are literally conditioning the next generation with the same errors of the past.

But we've still got our first line of defence asitwere- us, as parents. That leaflet, whilst not great as we agree, is not likely to send a young child spiralling into debt or condition them.

The banks have got to get past us first, and what we teach

It is an interesting debate. My DC (11) is learning how to take more financial responsibility. She knows that if we are out and she forgets her purse, that I will lend her the money until we get home, but she has to pay me back.
The leaflet wouldn't offend me and I don't have any debt other than a mortgage!

Wait til you have teens. They're always cadging money. Be good if they could learn the repayment element.

Think you're a bit OTT in being appalled tbh.

How many people in these circumstances end up ill due to stress? Bankruptcy? Bailiffs? Debt Collectors? Sleepless nights? Miss sold affordability on Payments? Job Loss? Individual Voluntary Arrangements? Debt Management plans? Court Appearances? CCJs? Eviction? Repossession? Go and teach your child about all these as well then?

Not to ruin your point, but surely if children are taught the importance of repayment, living with ones means when we do borrow, surely they're less likely to experience that?

I actually think you have a point re: normalising debt, it's one of the reasons I'm firmly against Uni fees and much more in favour of a graduate tax. Same amount but no principle of starting your working life in vast amounts of unavoidable debt.

But you're overreacting over the leaflet,

Think you're a bit OTT in being appalled tbh.

Couldn't agree more.

If this gets you this worked up you are going to spend a lot of time 'disgusted" at many things throughout your DC life.

In all honestly I wouldn't be surprised if they were trying to get in young to sell future products. After all, if children "always know" they can go to natwest for a loan then that'll be where they go at 19 when they want one.
Obviously 5m is ridiculous and you can just remove it but this will be sent to older children too.

There was a documentary recently about a branch of natwest and
They made it clear they didn't care what you took out loans for as long as you met the criteria and they were desperate to lend enough to meet theirtargets.
That said- they're a company. If they want to be unethical it's sort of down to them. Hopefully they lose custom and shareholder confidence and fail.

It's really, really important to know how to manage debt.

Yes, of course I would prefer it if my DC never have any debt, but if they do they need to know not to have ore than they can handle and to pay it back.

My mother had/has the same attitude as the OP and I just didn't "get " the whole credit card thing when I was young. Luckily I got a job earning more money than I knew what to do with and I could pay it off, but I think there was a time I thought it was "free money".

I learned the hard way, and when I did need to get in to debt to keep a roof overt children's heads I did it sensibly and the first thing I do each time I'm paid is pay a bit back. It's not rocket science, but kids do need to be educated about this.

DH and I think it's a really important subject, and discuss things such a mortgages with our DC. Obviously we also encourage them to save.

It's a bit like sex; while I'd rather DC didn't shah anyone until their wedding night, they probably will and therefore need to know about safe sex.

Game of Monopoly, anyone?

Yes but a bank who wants to sell debt probably isn't the best person to teach your children, spoton

Being disgusted and appalled over a leaflet is silly. Calm down and enjoy your baby. Put the leaflet in the bin.