Generation Next – financial institutions’ offerings for kids

Sustainability & Regulation
Q+
15/04/2022 study
Boris Plantier Qorus Content Strategy Manager & Innovation Lead

Introduction


What could be more universal than children? And yet, curiously enough, the topic of providing financial products and services for children has received very little attention. Traditionally, such offers were very basic: a bank account, a savings account, student insurance, a piggy bank in which the child kept their savings.

With the development of new technologies, the products and services offered by banks, as well as insurance companies, are starting to grow. There is of course financial literacy, a founding and unavoidable pillar, but also the possibility to manage one’s money in a completely digitalized way with sometimes very elaborate and fun PFM tools along with means of payment. And these new tools are paving the way for the development of offerings that are beginning to go beyond banking and even financial services, leading to the appearance of ecosystems built around the child and the family.

This study would not have been possible without the financial professionals who agreed to talk to me about their experience and I would like to thank them for their testimonials.

I would also like to thank RFi Global who agreed to share the results of a survey conducted with parents in Australia during the year 2021. I relied on these results, assuming that they would be similar in other countries, but this may not be the case and it is important to point this out.

I hope you enjoy this study.

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