New research from Aviva reveals while most children receive their financial knowledge from parents or other family members, a growing number are learning through social media and online influencers. Amid these concerns, findings also highlight the importance of early conversations about finances, strong parental guidance, and structured savings accounts to help children build a solid understanding of managing money and developing healthy saving habits.

Joanne Phillips, Managing Director of Aviva Direct Wealth comments on building financial literacy early and positive savings habits among Generation Alpha:

Our research suggests that Gen Alpha is emerging as Gen Save. Children are starting to save early, manage their money wisely, and build strong financial habits that will benefit them well into the future. Parents and family members play a crucial role in shaping these habits early, with many having important conversations about money management with their child as early as the age of three. With children already saving an average of over £400, they are gaining confidence in both the importance of saving and the benefits of interest-earning accounts—lessons that will serve them well during adulthood.

“For parents looking to teach their children about saving, our findings are encouraging—it’s both possible and highly beneficial. Exploring options like bank accounts, Junior ISAs, or digital savings platforms can help parents set their children up for success when they face larger financial challenges in the future.

Full press release: Generation Save? Children under 16 saving over £400 on average via pocket money

✉️ Fiona Whytock +44 (0)7800 692299 / fiona.whytock@aviva.com