More than half (57%) of parents say their top aspiration for their children’s future is financial independence, new research from Yorkshire Building Society has found.
This is followed by owning a home by the age of 30 (53%), the ability to save regularly (42%), and manage debt (31%).
However, the research found that hopes and aspirations are plagued by a number of anxieties.
Almost half (48%) of parents worry that homeownership will be out of reach for their children. Parents also expressed worries around rising debt (34%), job insecurity (42%) and wages not keeping pace with living costs (38%).
More than a quarter (27%) of parents admit they are “very worried” their children will face more financial challenges than they did at the same age, rising to 31% among parents aged 55 and over.
Yorkshire Building Society said parents are taking proactive steps to prepare their children for the future, with 78% regularly giving their children money and 65% of children already having their own bank account. Most parents believe children should start managing their own money by age 10.
Following the theme of financial education, 20% of parents think children should start learning about money management before the age of five, while 27% suggest between five and seven.
Pete Lewis, senior savings manager at Yorkshire Building Society, said: “We hope to raise children who feel in control of their future, will be able to save, to plan and to make and reach their financial goals. But we fear they’ll be burdened by debt, economic pressure, and a system that doesn’t fully prepare them for the real world. That’s why conversations about money matter – not just in our homes, but in our schools and communities too.
“It’s incredibly encouraging to see so many parents taking proactive steps – opening bank accounts, setting savings goals, and starting conversations about money early. These small actions lay the foundation for lifelong financial confidence and show just how deeply parents care about giving their children the best possible start.”
