The UK Saving and Investing for Children Market Report identifies consumers’ attitudes towards saving and investing for children, the impact of the cost of living, and future innovations in the children’s saving market. This report covers the saving for children market size, market forecast, market segmentation and industry trends for the UK children’s saving market.
The rising cost of living will have an impact on investing for children due to the increased financial pressure on households, and families with lower household incomes will be disproportionately affected. Investing for children and other long-term ambitions will likely be put on hold or reduced by parents struggling against rising prices.
Children’s saving providers are likely to come under greater competition from the investment market, as some parents who are investing for children will look for higher returns.
Many households will be forced to prioritise essentials with discretionary spending and long-term saving put on the back burner. Several consumers will continue investing for children, but risk aversion will deter many others.
Child-friendly apps focusing on managing savings and financial education are leading innovations in the investing for children market. This offers the opportunity for children’s savings providers to partner with FinTech to provide a comprehensive product encompassing savings management, as well as financial education for children.
Future investing trends will see many households start to explore sustainable and ethical children’s saving products, as these products will increase in prominence.
Read on to discover more details or take a look at all of our UK Financial Services Market Research.
Products: Child Trust Funds, Junior Individual Savings Accounts, Children’s Saving Accounts.
Brands: John Lewis, Nutmeg, Natwest, Rooster Money, GoHenry, Money Missions, Tridos, Wealthify, Beanstalk.
This report, written by Jennie Bryans, a leading senior analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends in the chilren’s saving market and add expert context to the numbers.
The children’s savings and investment market is set to be impacted heavily by the rising cost of living. Lower-income households, with less disposable income, will struggle to contribute to children’s savings on top of paying out for essentials. Providers should focus on accessibility for all, by removing fees for opening accounts, as well as promoting round-the-change features, to ensure as many consumers as possible can maintain savings habits.”
Jennie Bryans
Financial Services Analyst
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