It also provides earlier low fuel warnings, prevents safety features including Electronic Stability Control and Active City Stop from being deactivated, and mutes the audio system if the driver and front seat passenger fail to buckle up.
Two thirds of parents (66%) said that a system like MyKey would make them less worried and help them sleep more soundly when loaning their car to a child at nighttime.
For their part, a large majority of young drivers (70%) agreed that their parents would allow them greater access to the car if they had access to a system like Ford's MyKey.
The worry of being involved in a road accident is what keeps most parents (67%) up at night, while more than one in five (21%) worry that their child might be influenced by others into bad driving behaviour.
Speeding and/or using a phone while driving also featured as key concerns for parents (35 and 32% respectively).
The survey showed that a significant proportion of parents (13%) are so nervous about allowing their offspring drive at night that they have a blanket ban on nighttime driving for their children.
Because of this level of nervousness, nearly one in two parents (46%) always sets a non-negotiable curfew time for young drivers to be home by.
Forty-eight per cent of parents believe that loud music in a car with a young and/or inexperienced driver is a significant cause for concern.
Eddie Murphy, Chairman and Managing Director of Ford Ireland, said: "The safety experts tell us that younger and inexperienced drivers are more likely to be involved in accidents so it is not surprising that our survey shows that there is a real level of concern among parents for their young driver children, particularly when driving at night.
"As a parent myself, I can relate to those concerns and I can also understand how our new MyKey system can provide a level of comfort for worrisome parents whose children drive the car late at night."