Published on:
25 July 2024
This review explores what existing literature tells us about the rise of digital money. It also examines the impact this might have on children and young people’s financial capability and the way they learn about money.
The aim of the review was to better understand:
Our Children and Young People’s Financial Wellbeing Survey 2022 told us that there has been an increase in digital financial transactions among children and young people. This shift starts quite young and affects the whole family. More young people than ever are receiving pocket money digitally and using debit cards to pay for things online.
A greater understanding of how this digitisation of finances impacts how children and young people learn about money can be used to inform the design of effective financial education interventions that include improving their digital financial literacy.
The evidence review highlighted ten themes, drawn from the existing literature:
We have identified the following gaps in the evidence:
We hope these findings will be useful for:
The Children and Young People’s Financial Wellbeing Survey 2022 survey was carried out amongst 4,740 children and young people using a mixed methodology approach. The data collection period occurred between 18th August 2022 and 6th November 2022.
Weighting has been employed to ensure the overall reported population is representative of all young people aged seven to 17 in the UK. The nations with devolved governments (Northern Ireland, Scotland and Wales) were over-sampled to allow robust, separate analysis.