UK Children Hold £5.5 billion, New Research from Hyperlayer Finds

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Hyperlayer

08 Sep, 2026, 06:30 GMT

YouGov survey of 2,000 children reveals Generation Alpha's unbanked billions

LONDON, Sept. 8, 2026 /PRNewswire/ -- British children from Generation Alpha hold £5.5 billion across cash, bank accounts and piggy banks according to new research from programmable banking technology provider, Hyperlayer.

The research from the "Kids & Money: The Unbanked Billions" report shows billions of pounds are held by approximately 6 million UK children aged 8 to 15 years old, and that just two-fifths (41%) of them are keeping it in traditional bank accounts. This suggests some £3.2 billion is held by 3.5 million British children elsewhere, from cash to specialist kids' money apps.

In fact, by the age of 15, a third of kids (34%) still do not keep money in a traditional bank account – significant as an unprecedented transfer of wealth is about to begin, with USD 83 trillion globally expected to be passed on within the next two decades, according to UBS's Global Wealth Report 2024.

The research reveals how British children are making money:

  • British kids are earners, with half (53%) working for their own money at least once a month. Nearly half (45%) of UK kids receive money at least once a week. A massive 83% of UK kids receive money at least once a month.
  • British kids are also savers. When they get money, a quarter (24%) save it for later and another half (54%) spend some and save the rest. Just a fifth (18%) spend it all quickly.
  • The research also identifies a stark "gender confidence gap": a quarter (26%) of boys expect to be rich compared to just a fifth (19%) of girls. While boys and girls receive gifts at identical rates (67% vs 66%), UK boys are significantly more likely to earn money every day (9% vs 5%), establishing a regular-earning pattern early in life.
  • Nearly half (46%) are doing chores at home and a fifth (21%) are helping family and friends to earn money by doing things like babysitting or running errands. Three-fifths (61%) receive an allowance from parents but over one in ten (13%) are showing entrepreneurship by selling things as a way to make money. 
  • Over two-thirds (69%) of UK children have up to £500; nearly three-quarters (73%) of girls hold up to £500, significantly higher than UK boys (66%). A fifth (21%) of kids have over £500.

The collapse of financial optimism

The research also looked at financial optimism among British children and found it collapses as they approach adulthood – no surprise given all those surveyed were born since 2008 and have only known financial gloom. While only 7% of 8-year-olds think they have little chance of being rich as an adult, that figure trebles to over a fifth (22%) by age 15.

The data highlights a distinct downward curve in financial confidence: the belief "yes, I will be rich" plummets from 35% at age 8 to just 15% at age 15. By mid-adolescence, more British children believe they will not be rich than believe they will.

There are striking differences too in the expectations of boys and girls. 26% of boys expect to be rich as adults vs. just 19% of girls.

Rob Rooney, co-founder and CEO of Hyperlayer and former CEO of Morgan Stanley International, said:

"Generation Alpha is an emergent force in the global economy, and one that should be taken seriously. Their potential influence on household finances is huge, with projections suggesting they will have access to £4.05 trillion by 2029. Across the UK, they're already holding billions, much of it is outside of banks.

"While they may not be applying for mortgages and credit cards just yet, these findings show children are an active and influential part of the economy – not just passive receivers of pocket money. Concerningly, we can see that their financial confidence collapses as they approach adulthood, though not surprising given the economic circumstances they and their parents have lived through.

"There's an irony to these findings, which is that banks have something that fintechs don't yet have – decades of trust. They're in the perfect position to serve this generation and their families. The cheapest customer a bank will ever acquire is the child of a customer it already has."

And what did their parents have to say?

Hyperlayer also spoke to parents about their own expectations and experiences of raising Generation Alpha, and their role in preparing them to be financially literate adults.

Raheem from Kent, a father with a
13 year-old son, said:

 

"We live in a digital age, and kids have so much information at their fingertips. Our son reads about crypto
online – he even gives us, his parents, advice about it from what he's read.
He got his first device in 2020. The downside of them is it is too convenient and too easy to spend money."

Corrine from Leicestershire, a mother with a
15-year-old son, said:

 

"Kids know more about money today than we did at the same age. Things like Apple Pay also make
spending more convenient which can be dangerous. The danger of children going to a
convenience store every day after school is a lot bigger when they can just tap a card."

Asif from London, a father of a
7-yr old son, said:

 

"Our kids are starting to talk about saving money and are already doing things to spend less.
Kids today definitely have a better understanding of money.
It's going to be harder for our children to be financially better off than us when they reach
adulthood – I think they will be faced with more debts."

Sarah from Glasgow, a mother of a
12-year-old, said:

"My son's 12. I got him a card about a year ago and we give him 20 pounds a month.
Out of that, he actually only gets 9 pounds because he's joined the gym, which is 11 pounds.
Aside from that, he likes to sell things on Vinted, so all the sales from that, he knows the savings
are going into a pot for when we go on holiday in the summer."

Financial Hurdles

When asked about their primary financial struggles, British children cited saving up for things they want (41%), resisting the urge to spend too quickly (41%), and deciding what to buy (38%). Additionally, 25% of UK children admitted that social media directly causes them to spend more.

The Rise of the Side-Hustle Economy

An overwhelming 96% of British children already have money of their own. One in five (19%) of UK 15-year-olds now earn money by selling items online, driven by platforms like Vinted, Depop, and eBay. 

Report methodology

Kids & Money: The Unbanked Billions is based on a YouGov survey of 3,981 children aged 8 to 15 (in the United States n=1,523, United Kingdom n=2,085 and Hong Kong n=373). The research also included parent focus groups conducted in the United States and United Kingdom with Roots Research.

Based on ONS stats, there are approximately 6million 8–15 year old children in the UK: https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/populationandhouseholdestimatesenglandandwales/census2021.

To explore the full research findings and learn how banks can better engage Gen Alpha, download the whitepaper at hyperlayer.com.

About Hyperlayer

Built by bankers for banks, Hyperlayer is a banking technology provider. Its programmable layer enables financial institutions to change and innovate at fintech speed without disrupting the core systems they trust. Its configurable technology allows banks, credit unions and wealth managers to launch new financial products without replacing costly back-end infrastructure.

Founded in 2023 by former senior Morgan Stanley executives Rob Rooney and Paul Rolles, Hyperlayer is also the technology behind HyperJar, the award-winning UK consumer money-management and family-banking app serving 300,000 households.

In September 2025 Hyperlayer raised $40 million in funding, including from US investors Flintlock Capital and Susquehanna Private Equity Investments, with the round led by CDAM and with additional participation from Mouro Capital and Iona Star. Learn more at www.hyperlayer.com.