Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Children aged 16 and under have squirrelled away more than £400 on average from their pocket money, their parents estimate.
A survey of parents with children in this age group found the typical estimated amount saved was £416.
Nearly one in 10 (9%) believe their child has saved between £501 and £2,000, according to the research among more than 1,000 parents across the UK commissioned by Aviva.
About four-fifths (78%) of parents said they encourage their child to save some or all their pocket money, according to the UK-wide survey carried out by Censuswide in October.
Children are starting to save early, manage their money wisely, and build strong financial habits that will benefit them well into the future
Joanne Phillips, Aviva Direct Wealth
More than half of those (51%) with a three-year-old said they have already started instilling savings habits.
More than two-thirds (68%) of parents reported that their children are balancing saving with spending, using their pocket money to buy items such as food, toys, and video games.
According to their parents, one in five children (22%) glean information about money from social platforms such as TikTok and Instagram or online financial influencers.
However, more than a third of parents (35%) expressed concerns about the quality and appropriateness of some financial information available online.
Joanne Phillips, managing director of Aviva Direct Wealth, said: “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.”
