Aviva survey shows Gen Alpha are striking a balance between saving and spending

A survey of parents with children aged 16 and nether recovered the emblematic estimated magnitude saved was £416, with galore youngsters starting to prevention aboriginal and negociate their wealth wisely

UK children aged 16 and nether are redeeming implicit £400 connected mean from their pouch money, their parents say.

A canvass of parents with children successful this property bracket said the emblematic saved sum astatine £416. Nearly 1 successful 10 (9%) accidental their offspring person saved betwixt £501 and £2,000, the survey by security elephantine Aviva found. The research, which quizzed much than 1,000 UK parents, was carried retired by Censuswide successful October.

Some 78% of parents promote their kids to prevention a spot oregon each of their pouch money. Even parents of three-year-olds – implicit fractional (51%) of them – are already teaching their tots astir redeeming money. Most parents (68%) accidental their children are bully savers arsenic good arsenic spenders, spending their pouch wealth connected food, toys, and video games. One successful 5 children (22%) prime up wealth tips from societal media similar TikTok and Instagram oregon online wealth experts.

Over a 3rd of parents (35%) interest astir the prime and suitability of immoderate online fiscal advice. Joanne Phillips, of Aviva Direct Wealth, said: "Our probe suggests that Gen Alpha is emerging arsenic Gen Save. Children are starting to prevention early, negociate their wealth wisely, and physique beardown fiscal habits that volition payment them good into the future."

"Parents and household members play a important relation successful shaping these habits early, with galore having important conversations astir wealth absorption with their kid arsenic aboriginal arsenic the property of three. With children already redeeming an mean of implicit £400, they are gaining assurance successful some the value of redeeming and the benefits of interest-earning accounts – lessons that volition service them good during adulthood."