Big Dreams, Bigger Worries: What UK Parents Really Want—And Fear—For Their Children’s Financial Future

As economic pressures mount, UK parents are turning their attention to the financial futures of their children. New research[i] released by Yorkshire Building Society today reveals that parents of children aged 5 to 17 are navigating a complex mix of hope, anxiety, and action, balancing aspirations for their children’s success with growing concerns about the cost of living, future affordability, and long-term financial security.

The research reveals that financial independence is the top aspiration, with more than half (57.5%) of parents selecting it as a priority. Most believe their children will stop relying on them financially by age 27. Other key hopes include the ability to save regularly (42%), manage debt (31%), and own a home by 30 (53%). 

However, these dreams are tempered by significant anxieties and fears. Nearly half (48%) of parents worry that homeownership will be out of reach for their children. Other major concerns include rising debt (34%), job insecurity (42%), and wages not keeping pace with living costs (38%).

Over a quarter (27.2%) say they are “very worried” their children will face more financial challenges than they did at the same age—a figure that rises to 31% among parents aged 55 and over.

Despite these concerns, parents are taking proactive steps to prepare their children for the future, with eight in ten (78%) regularly giving their children money, often as pocket money or in return for chores, with the average child receiving £10.50 a week. 40% still use physical cash, while others use digital transfers or child debit cards, with 65% of children already having their own bank account.  Most parents believe children should start managing their own money by age 10.

Parents overwhelmingly believe that financial education should begin early. According to the survey, 20% think children should start learning about money management before the age of five, while 27% suggest starting between ages five and seven. This early start is seen as crucial for building lifelong financial habits.

To help parents start conversations about savings with younger children, Yorkshire Building Society has launched a limited-edition passbook cover to encourage children to set a savings goal and monitor their progress towards it. Children can draw or write what they are saving towards on the cardboard cover, and colour in an illustration of a pile of coins to visualise their progress. 2025 research shows a link between setting savings goals and promoting healthy saving behaviours. The passbook covers will be available in branches from 18 August 2025. 

Pete Lewis, senior savings manager at Yorkshire Building Society said: “As parents, we want the best for our children. We hope they’ll have a home they feel safe in, the ability to choose a job they love, and the confidence to manage whatever life throws at them. But behind those dreams is a quiet fear: that rising costs, economic uncertainty, and a lack of support will make their path harder than ours was.

“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. We hope our new passbook covers will help families open conversations about healthy saving behaviours and instill goal-setting habits with our youngest members.”

The passbook cover will be available in branches from 18 August whilst stocks last.