The next generation of Britons to become adults already places huge importance on achieving their financial goals, such as being ready for retirement.
Almost three in five (58%) 13-to-16-year-olds say they think investing in pensions is an important aspect of their adult life. Meanwhile, fewer than half (47%) of their parents considered retirement planning important while in their own teenage years.
Overall, when asked about their priorities for adulthood, securing financial independence was cited more (93%) than anything else. In fact, ‘money’ is such a driver for these “Generation Alphas” that having savings is seen as being as important as having a close group of friends (92% v 91%).
Almost as many of these teens say setting up a business is important to them (49%) as those who say getting married is (51%).
This represents a drastic change from their parents’ generation, when fewer than a third (30%) placed any importance on setting up their own venture. And, despite the shift in attainability, traditional goals such as owning a home (85%) and buying a car (88%) are also still seen as being important for their adult years.
But the research by PGL Beyond shows almost nine in 10 (85%) say developing life skills such as confidence, communication and problem-solving are essential to achieving their goals. Three-quarters (76%) believe academic knowledge alone is not enough to prepare them, and even more (86%) say they would be better equipped for adulthood if schools taught more life skills.
Among the life skills Generation Alpha feel they need to develop most are confidence (58%), money management (54%) and communication (49%). Many say they also need to work on their problem-solving (44%), time management (41%) and teamwork (38%) to achieve their goals.
Dr John Allan from PGL Beyond said: “We talk about Gen Z often, but more change is coming with Generation Alpha, some of whom are into their teens and on the brink of adulthood. This generation is highly focused on financial security, shaped by growing up in a cost-of-living crisis, and are actively seeking the tools to succeed.”
“However, many feel they are yet to learn the skills they will need to achieve success in adulthood, such as confidence, communication and problem-solving. To thrive, young people must have chances to gain practical skills, experimenting independently, collaborating with peers, tackling challenges, and building resilience. Our Skills4Life programme provides exactly that: a space for them to push their boundaries, grow in confidence, and cultivate the skills and mindset essential for work and adulthood.”
What Generation Alpha teens (13 – 16) think is important to achieve in adulthood:
- Be financially independent – 93%
- Have savings – 92%
- Have a close group of friends – 91%
- Own a car – 88%
- Own a home – 85%
- Travelling independently to other countries – 73%
- Go to university – 66%
- Build a long-term career with one employer – 59%
- Invest in your pension – 58%
- Have children – 56%
- Earn money from a side hustle – 52%
- Get married – 52%
- Start your own business – 51%
- Live abroad for a period of time – 41%
- Go viral or secure large numbers of social media followers – 41%
Image: Depositphotos
