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.

They are peddling their wares. It's what businesses do.

Maybe the OP should have researched banks more thoroughly before investing with them.

And I don't know any kids who would learn anything from this leaflet without parents facilitating it.

That leaflet has sections for different age groups. The lending section is for age 5-7. It also talks about shopping around for the best prices and working out change. I can't get worked up about it tbh

personal.natwest.com/content/dam/natwest_com/savings/downloads/FirstSaverDocs/Natwest_Savings_Workbook.pdf

I have recently started working in a bank and I'm amazed about a lot of adults ignorance about savings and debt. I just wish DC could learn about it in school!

Financial literacy is now being taught in schools, and it is not just Nat West who are taking the opportunity to educate their customers - Barclays are doing it too.

I completely agree, OP.

Agree that you're perhaps taking this a little too seriously. Kids from a young age do actually need to be taught about debt and savings. It's part of life. Fact. Your baby probably isn't able to read it, unless I'm missing something, so won't be glooming for a loan just yet. And actually it wasn't the banks unsecured lending that caused their downfall, it was secured. Mortgages are secured on homes and the vast real estate debts were secured on investment properties. When the value of these assets dropped below the amount of debt they were securing, that's where the problems arose.

Just put the leaflet in the bin.

I don't think there's anything particularly wrong with it personally but if it offends you then chuck it.

There are far worse things to be appalled about.

We got a lovely book from Lloyds ages ago about saving (for a crocodile!) . I think it's vital to make good financial management a normal thing for kids as early as possible. Yes, they should learn this from their parents but as someone upthread said, many adults are not great with it either. The leaflet is probably just part of a pack that's sent out when an account is opened, regardless of the age of the child. I think you're overreacting a little!

Honestly some people on here can not see the wood for the trees. The Banks have proven that THEY are not capable of managing the borrowing and lending money (anyone notice the recession which was rebranded a "Credit Crunch") These exact same Companies are looking to educate and encourage young, Naive Children to start getting into the same trap.
Debt is not inevitable, it is a situation that people accept as part of life because they choose to by the actions they take. I want a better life for my child than to pay twice (funding the worst corruption of the free world which is BANKS) for things because she is too impatient, greedy, envious of others, or proud to live within her means and work hard to achieve her goals. I have worked in insolvency before anyone jumps down my throat and have seen first hand the reasons why people have got into trouble.
This document is targeted at children, for children, and it has not been approved by any child led services. It has got the best interests of Banking practices over the best interests of the child.

I think you've got a bit of a bee in your bonnet tbh. The content you've highlighted is aimed at children aged 5 - 7, so not applicable to your baby.

Learning to manage money - and debt - is incredibly important and it's naive to think a child of yours will never get into debt - mortgage, uni fees, car HP are all perfectly acceptable things and I think it's a bit off calling people who avail themselves of these things 'impatient, greedy, envious and proud'. I have a mortgage and I used to have a student loan and would say I'm none of the above.

Learning to manage money - and debt - is incredibly important and it's naive to think a child of yours will never get into debt - mortgage, uni fees, car HP are all perfectly acceptable things and I think it's a bit off calling people who avail themselves of these things 'impatient, greedy, envious and proud'. I have a mortgage and I used to have a student loan and would say I'm none of the above.

I have never bought a car on Finance, Every car i have ever bought has been bought outright with money i have saved. I have never got into debt and i am not getting a mortgage. Why is it naive to think that my child should have to get in debt when i have never had to myself? Also i am currently saving to put my child through higher education so that she will not have University debts.
Bottom line is that banks should not be the ones to encourage children to start borrowing and lending money. For what it is worth, we have been on to Natwest who have actually agreed with us on this matter and are now investigating how it was overlooked.

Natwest have agreed with us on this matter that it was inappropriate and it has been passed up the chain to be investigated.
Age Inappropriate subject matter.

I have never bought a car on Finance, Every car i have ever bought has been bought outright with money i have saved. I have never got into debt and i am not getting a mortgage.

Well bully for you. Not everyone has those options.

Honestly some people on here can not see the wood for the trees.

You are actually coming across as quite judgemental about others choices.

So you haven't got a mortgage. So what? Others have and manage perfectly ok.

You have chosen not to have a mortgage and therefore denied yourself the opportunity to own a house with secure tenancy. Your choice, but the alternative is not reckless or desperate.
Others may borrow for a car to open up job opportunities and wage growth etc - there are valid reasons for borrowing and children need to learn them.

"Honestly some people on here can not see the wood for the trees."
"You are actually coming across as quite judgemental about others choices."

Please don't remove the context of my statement to turn it into something it's not. That statement was clearly about the BANKS inability to manage the financial situation, NOT people's choices on financial management.

I am entitled to an opinion as is everyone else.

I couldn't have got my first job without a car. How was I supposed to afford one up front without a loan?

You are obviously better off than most people and are ignorant about the necessity of debt to meet basic needs for millions of us.

I hope your DC grows up learning more humility than she is going to learn from you.

"You have chosen not to have a mortgage and therefore denied yourself the opportunity to own a house with secure tenancy. Your choice, but the alternative is not reckless or desperate."

Where have i said anything of that context? This is not a document teaching children about financing secured purchases, it is about Borrowing and lending money from each other. Unsecured lending.

Also As a previously mentioned side note, After a discussion with Natwest, they have agreed with us and it is being investigated as they have decided that it is age inappropriate material.

If this is all you have to worry you, you're very lucky.

You are obviously better off than most people and are ignorant about the necessity of debt to meet basic needs for millions of us.

Couldn't agree more.

You are entitled to an opinion just as everyone else is on here. Works both ways.

If this is all you have to worry you, you're very lucky.

Absolutely

I got my first loan aged 19/20 to pay towards the deposit on my/dh's first flat together (he wasn't my dh at that point though!). I have had loans/ catalogues, credit cards, etc over the last 20odd years and due to learning how to deal responsibly with debt i have never defaulted on payments, have cultivated a great credit rating and hope to teach my dc the same.

Perhaps if some of the people who are in massive amounts of debt now had learned how to borrow money sensibly and stick to repayment schemes when they were a child, they wouldn't be in a financial mess.

"I couldn't have got my first job without a car. How was I supposed to afford one up front without a loan?

You are obviously better off than most people and are ignorant about the necessity of debt to meet basic needs for millions of us.

I hope your DC grows up learning more humility than she is going to learn from you."

You sound lovely. I got my first job and Walked every day until i could afford a bicycle. Then i Rode to work every day. My second job involved getting up an hour earlier to get the bus. Then, i saved for a car (a second hand one that cost £400).
I am not wealthy. I work hard, provide for my family and we live within our means. We save during the year for christmas and birthdays and we sacrifice luxuries to provide for the family.
I have never had a credit card and never took out a loan. I live by the principles that my mother taught me. I feel lucky to have learned the lessons i have and i am happy with what i have around me.