UK’s Gen Alpha is already saving—and banks must build relationships now

The trend: Children under 16 understand the benefits of saving: They’ve saved an average of £416 ($525.70) from pocket money, per Aviva’s research. This rises to £616 ($777.97) for 13-year-olds. And over half (56%) of parents use a product like a kids’ bank account to deposit pocket money. 

How we got here: Roughly 3 in 4 Gen Alpha parents have discussed money management with their kids, with 51% starting as early as age 3. This parental behavior is partly driven by worry: 

• One in 5 kids learn about money through social media and influencers. 
• 35% of parents are concerned about the quality of financial information children access online.

What this means for bank marketers: Banks that want to reach Gen Alpha must first build relationships with their parents.

• Parents concerned about their children’s financial well-being seek banking products that help kids put financial lessons into practice.
• Offering kid-friendly products that build financial literacy and help parents shape responsible saving and financial planning habits in adulthood will resonate well. 

Dive deeper: Learn more about the type of financial products parents want for their children by reading this next.

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