Rethinking Financial Literacy: What the Next Generation Really Needs

Kids are saving earlier, worrying more, and trusting TikTok over school.
That was the stark starting point for a provocative session hosted by KidsKnowBest at SXSW London. Moderated by award-winning financial journalist Georgie Frost, the panel featured heavyweight insights from Ann Pettifor, Director at PRIME Economics, and Sarah Wiggins, Vice Chair of Global Banking at HSBC.

The takeaway? Financial education is broken and kids know it.

The Emotional Economics of Gen Alpha

A recent study of UK youth revealed a disquieting reality: one in three children is already anxious about affording basic needs. Half say that money affects their happiness. And two-thirds are earning or saving in creative ways, from reselling games online to launching side hustles via social media.

This is not just financial precocity, it’s emotional pressure. Kids are absorbing the macroeconomic anxiety of the adults around them, from the cost-of-living crisis to climate-induced consumption guilt. Pettifor argued that this fear is a result of outdated economic models treating money as a scarce, gold-like resource when in fact, “money is a social contract, a tool we invented to enable action.”

Wiggins echoed the sentiment. Despite parents’ best efforts to shield their children from money worries, she noted, kids are still picking up the tension and they want to understand what’s going on.

The Mismatch Between Education and Reality

In a show of hands from the audience, not one person believed financial education in schools was adequate. As one attendee noted, many still leave school unsure what a National Insurance number is, let alone how interest or digital payments work.

And yet, today’s kids are managing digital money before they’re even legally allowed a bank account. They’re navigating crypto, learning through YouTube shorts, and budgeting in digital jars. That disconnect is dangerous.

Wiggins highlighted HSBC’s “Money Heroes” and “Smart Money” programs as examples of how institutions can offer age-appropriate, gamified resources. But both panelists agreed: curriculum reform is overdue and social platforms need to be treated as educational battlegrounds, not just threats.

The Role of Brands and Media

This isn’t just a government problem. The panel made a powerful call to action for brands and media:

• Build games, apps, and toys that teach financial literacy.

• Partner with schools and nonprofits to deliver relatable content.

• Rethink “value” not just price tags, but purpose and meaning.

As Frost noted, “Kids already understand value, not just what something costs, but what it means.” They’re curious, driven, and increasingly sustainability-minded. The job of brands is to meet them where they are, and empower, not patronize, their learning journeys.

Final Thought

Financial literacy isn’t just a life skill. It’s a cultural signal, a form of power, and increasingly, a measure of inequality. If today’s institutions don’t evolve fast enough, kids will find other sources. It’s up to all of us to make sure those sources are trustworthy.

Independently Created. Not affiliated with SXSW.

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