The next generation
Many UK children think saving is the right thing to do, a lesson they’re learning from their parents.
To gain a better understanding of the needs and experience of future clients and improve our chances of helping them create a better tomorrow, we interviewed 120 children between the ages of eight and 15. The goal was to get an idea of what UK kids feel is important now and to get an understanding of how their parents’ attitudes impact them - and how to help them understand the benefit of investing and get them thinking long term as they grow older. Their answers were enlightening.
Gone are the days of the piggy bank
Presently British children ‘earn’ around £12.76 per week - chiefly via gift and pocket money contributions. Only 37% of kid’s said they get their money as a reward for doing chores. Although, somewhat surprisingly, around 17% of kids said they earned money from selling things.
Maturing attitudes – are we raising savers or investors?
Around 80% of UK children, aged between eight and 15, believe that not only is saving a good thing but that it is actually the right thing to do. Given the focus their parents place on building a safety net in case something goes wrong, this view is understandable. The top two reasons they make their children hold on to their cash is to save for the future and to teach them money management skills.
When the risk is eliminated, children are prepared to wait for a higher return
A more confident UK?
63% of Britons are confident they will be in a better financial situation in three years’ time.
A brighter future for advice?
43% of investors would go to financial advisers to sort out their finances in the future
A more responsible approach
68% of Britons believe that companies with good ESG credentials will be better off in the long term