2024 Trends: Kids adapt their financial outlook

One in three children are living in poverty in the UK, and some are experiencing the impact of this in the most severe of circumstances. At Beano Brain we speak to kids of different ages continuously on a range of topics including money and finances and it’s really evident that they are aware of times being tighter or harder for their parents or households. They have an increased awareness of the rising cost of living, and people who are struggling.   And we’ve noticed that with that awareness comes an understanding of the value of things.

Not just the cost of things, but how to maximise what personal money that they have and how to save more efficiently – where possible.  The emergence of a new breed of “savvy consumers”. 

“I am going to try and save money by buying fewer clothes and stop buying such expensive food. I’ve been doing that too much recently” – Cody (14, UK) 

They are increasingly savvy spenders, and savers, emotionally intelligent about where, when, and how to treat themselves. From sourcing cute & affordable stationery and decorations for their rooms, from online marketplaces like Shein and Primark, to bitesize rewards…… 

“When she’s out with me, she requests whatever she wants to eat if we’re in a restaurant like McDonalds or Nandos. But if she’s with her friends, and spending her own money, she goes for the kid’s money (meals?). She’s clever, she knows the value of her own cash – and how to keep hold of it” - Mum of 14-year-old (UK) 

The savviest amongst them are becoming mini entrepreneurs through reselling understanding the value of things and re-giving life to previously loved and enjoyed items. 

"I sell things I don't want anymore on Little Red Book. It's easy to do…I sell journaling material that I don't want. If someone decides to buy it, I usually add them on WeChat. They then transfer the money to me on WeChat." – Weiyi (11, China) 

2024 looks set to be another challenging year for many families, and sadly there isn’t a quick or easy resolution to solve that. As Gen Alpha continue to navigate the impact of this, they will look to the brands – and people - who can play a role in helping share the relevant life skills, guidance, and quick wins to alleviate the challenge. 

Written by Ben Younie, Beano Brain.