A study by KidsKnowBest, the global authority on children’s insights, has revealed that financial worry is widespread among UK children aged 7–14. According to the research, 46% of young respondents report anxiety about money and their future, while 24% are explicitly concerned about meeting basic needs.
The two‑phase study—comprising a quantitative survey of 1,000 children and in‑depth qualitative interviews—uncovered that over half (55%) of children say money affects their happiness, 38% experience stress due to money, and half feel pressure to save. Despite 60% believing they understand money, one in three (33%) admit they “don’t know what to do with it.”
Parents and Schools Failing to Close Advice Gap
Parents remain the primary source of money advice for 88% of children, yet only 42% consider their parents “great with money.” Meanwhile, just 45% find it “easy to find good advice” on finances, with only 11% strongly agreeing. Almost half (47%) have sought money advice online, though only 41% trust what they find; 26% have bought something online without parental consent.
Formal education appears insufficient: 55% feel schools “don’t teach enough” about money, 20% learn “nothing” in class, and only 19% say they’ve learned “a lot” at school.
Clear Preference for Real‑World Lessons
When asked where they would like to learn more about money, 87% of children prefer “real‑life” lessons over digital sources. Sixty‑three percent would learn from parents, 47% from schools, while just 20% look to social media apps and 14% to influencers.
Children are already managing money: 44% use a piggy bank and 36% use online banking apps. They earn pocket money through chores, sell items, and navigate digital economies—often without foundational financial knowledge.
Call to Action for Financial Education
In response, KidsKnowBest urges financial brands, educators, and policymakers to create practical, human‑led financial education tailored to young people’s needs.
Joel Silverman, CEO of KidsKnowBest, said: “The care-free childhood many adults will have enjoyed is now a distant memory. Our comprehensive research shows that children can’t be divorced from the anxieties their parents may be feeling in a world of financial insecurity, and continuing cost of living pressures. Yet, critically, this anxiety isn’t shutting them down. Instead, it’s sparking a deep curiosity and a hunger for practical, human-led learning about money.”
“This is a critical opportunity for the UK’s financial sector to step forward. By providing accessible, relevant, and practical financial education, we can empower this generation, transforming their anxiety into informed agency and building a more financially resilient future.”
Sarah Wiggins, former Vice Chair, Global Banking at HSBC, commented: “This research highlights how vital it is to develop strong financial habits early. We need more education and support for both children and parents, and we must start young. Without building that muscle early on, it becomes much harder to catch up later.”
Ann Pettifor, economist at Prime Economics, added: “Financial institutions have a key role to play in educating future generations. They must be more transparent about how money works, and the education system should be doing more too. A better understanding of money can empower young people to take control of their futures.”
