This study co-authored by Professor Michael Collins and published by the Federal Reserve, shows policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently.
Read the full article at: https://www.federalreserve.gov/econres/feds/does-access-to-bank-accounts-as-a-minor-improve-financial-capability.htm