THERE is a new source of help for parents who worry about teaching their teenagers good financial habits – and it is presented in a way that youngsters more interested in interacting with their peers on social media may actually listen to.

Many parents fear their teens will not pay attention to the advice they give and, according to financial services provider Halifax, 43 per cent do not see themselves as the biggest influence when it comes to their financial know-how.

They are right to be concerned, as an alarming proportion of young people struggle when they have to take responsibility for their own monetary wellbeing.

The latest National Student Money Survey found that 50 per cent of university students suffer mental health issues because of cash problems, while insurer LV= said that 44 per cent of 25 to 34-year olds are not confident in their ability to handle a personal financial crisis.

In a bid to rectify this, Halifax has joined forces with a group of teenage video bloggers, or vloggers, to create a series of engaging short films. Aimed at 11 to 15-year-olds, they focus on topics such as becoming a savvy shopper, starting to save and staying safe online. You can find them at

Nick Williams, the bank’s managing director for consumer digital, said: “We recognise the challenge of helping to educate our youngest customers and the vloggers have been brilliant by sharing their stories to give their peers the confidence to look after their money today and in the years to come.”

To help your children grow into adults who budget wisely and do not misuse credit, encourage them to see dealing with money as just another part of everyday life, rather than something difficult or frightening. Stress that it has to be earned and consider giving them chores in exchange for their pocket money.

Talk about how you organise your finances and explain how having cash set aside allows you to pay unexpected bills and enjoy things like holidays and other treats without the stress and expense of borrowing and paying interest.

Give them responsibility for some money of their own. If they do not have savings and current accounts, sit down together and use a comparison site to find the ones best suited to their needs. Financial website Moneyfacts lists savings options for youngsters and compares current accounts for teens.

If they already have accounts, check the terms and rates to see if they could do better moving elsewhere.

HSBC has a branch-operated instant access savings account open to seven to 17-year olds with a minimum opening balance of £10 that pays 2.75 per cent annual interest.

Nationwide’s online and branch account for existing customers’ children in the same age range has a £1 minimum deposit and pays 2.25 per cent, provided they do not make more than one withdrawal a year.

Halifax, Bank of Scotland and Lloyds will pay those under the age of 16 two per cent with unlimited branch withdrawals.

If you are happy for your teens to keep all their money in a current account, they could do better with Santander’s Mini 123 for 11 to 18-year-olds. It pays three per cent on balances between £300 and £2,000 and comes with a debit card.

TSB has a similar account returning 2.5 per cent on up to £2,500, while several other providers pay between one and 1.5 per cent.

Discuss with your teens what they would like to save for, and agree what proportion of their pocket money or earnings and cash gifts can be banked to spend as they choose, and how much should go towards their long-term goal.

If you can afford it, keep them motivated by agreeing to pay in an additional £1 for every £5 or £10 they save themselves.

Although three-quarters of under 16s are frequent users of YouTube and 11 to 15-year-olds spend an average of 15 hours a week on the internet, less than half this age group regularly uses online banking to monitor their current account.

Encourage them to check regularly so that keeping on top of their balance becomes second nature, making it less likely they will have trouble sticking to a budget and overspend when they are older.

Vlogger Amber, who contributed several of the Halifax videos, said: “I hope they will help other teens understand money matters a bit more, and get them to think about the choices they make when it comes to managing their own finances.

“I think it's important that we learn how to save, spend and look after our money wisely.”