Study: Estonian children are becoming financially independent at an increasingly early age

TALLINN - Data from SEB bank shows that Estonian children are becoming financially independent at an increasingly early age, surpassing their southern neighbors in this regard.

Data from SEB clients reveals that Estonian children are receiving their first bank account and card at an increasingly younger age. While in 2020 the most common age to open a first account was 10, it has now dropped to eight. This shift suggests that families are introducing children to financial matters and digital payment solutions earlier than before.

"Although there is no single right age for a child to get their first bank account and card, practice shows that many families associate it with the start of their schooling. This is directly linked to the child's growing independence and significantly simplifies the process of teaching financial literacy for parents, as they can monitor expenses and promptly provide extra pocket money if needed. Furthermore, it eliminates the problem of losing physical cash," explained Victoria Tkats, head of the youth segment at SEB.

Estonia stands out for how early children are familiarized with digital money. In a recent SEB survey, a majority of Estonian parents (61 percent) and a large portion of Latvian parents (54 percent) indicated that their children received their first bank card in primary school, between the ages of 7 and 10. In Lithuania, bank cards are generally obtained later, closer to the teenage years, with over half of Lithuanian children (55 percent) getting their card between the ages of 11 and 14.

"A child's early exposure to a bank card and account doesn't just reflect digital habits; it is also reflected in their financial literacy indicators. Previous studies have shown that young people in Estonia are more financially aware than their southern neighbors, and they are also more actively saving and investing today," Tkats said.

The SEB survey of parents in the Baltic states was conducted by Norstat in April 2026. One thousand parents of children aged 7-17 in each of the three countries responded to the questions.