While older savers have traditionally been the focus for building societies, there’s an obvious opportunity for them to engage and build awareness with younger audiences - an audience that’s doing things a little differently, but, as John Atkinson, Client Partnerships Director at Newcastle Strategic Solutions, puts it, “still holds the same values that are at the heart of building societies - community, trust, and doing the right thing.”

 

A new kind of saver

More than three-quarters of Brits have set money goals for 2025, according to Mintel’s Generational Money Trends 2025 report. But when you zoom in on the younger age group, the picture gets even clearer: 94% of 16–34-year-olds have set financial targets, compared to just 61% of those over 55.

They’re also more proactive about managing their money. Mintel found that 40% of young adults say they feel motivated to save, and 39% now automate transfers into savings each month. These are promising signs that this group is ready for smart, flexible products that support their ambitions.

 

Budgeting gets social

But money worries haven’t gone away. Around 20% of young adults say they feel stressed about their finances, which isn’t surprising given the cost-of-living pressures and rising house prices (Mintel, Generational Money Trends 2025).

Social media plays a part too, for better or worse. 

Mintel reports that people aged 16–24 are 51% more likely than older groups to make impulse purchases online, often driven by FOMO. But, while platforms like TikTok and Instagram are often blamed for this, they aren’t just for shopping or entertainment. They’re also becoming spaces for financial education.

According to research by Santander in 2024, one in five parents believe their children are more likely to learn about money from social media than from them. 

This presents a huge opportunity for building societies to meet these younger audiences in the places they hang out online and become a trusted, educational voice in the world of money - something that’s clearly needed.

Why? In 2025, Mintel found that 42% of UK adults used Buy Now, Pay Later (BNPL) services, up from 36% in 2023. And another 9% plan to try them soon. But the same report revealed that 53% of users were hit by late fees, showing just how many are entering these payment plans without fully understanding the risks.

This is exactly where building societies can make a difference. By offering education and guidance on borrowing responsibly, they can help younger consumers build confidence and avoid common pitfalls. 
And to really hammer this point home, Mintel also noted that 15% of Brits want to improve their financial literacy this year, and 68% say they wish they’d learned more about savings in school. 

 

How to reach the next generation of savers

To stay relevant, building societies may need to rethink how they connect with younger audiences. So, here are four things to consider:

1. Make digital feel natural

Young people expect smooth, intuitive experiences. Clunky savings apps won't cut it anymore when they're used to one-tap everything else.

2. Speak their language on social

TikTok and Instagram aren't just for dance trends. They're where the younger generation spend a lot of their time - meeting them there to share valuable financial advice and improve financial literacy is an opportunity to connect.

3. Build savings products with clear purpose

Generic products aren’t enough. Accounts linked to specific goals, like home deposits, travel, or emergency funds, are more likely to convert.

4. Champion financial well-being

Be transparent. Talk about the risks of things like BNPL. Share practical advice. This positions your organisation as a trusted partner and authority, not just a service provider.

 

Looking ahead

Despite a change in the way younger people are dealing with money and financial literacy, building societies don’t have to chase trends to keep up. 

Instead, it’s about showing up where they are, with products that fit their lives and honest conversations about money that help, not confuse.

Making digital easy, chatting with them on social, and offering savings accounts that mean something are the kind of changes that can make a big difference. And being open about the tricky stuff, like Buy Now, Pay Later problems, builds real trust.

The building societies who get this right will be the ones young people turn to for years to come. So, now is a great moment to start those conversations.

Bio: Newcastle Strategic Solutions, with over 20 years’ experience, is the UK’s leading outsourced savings management provider, offering comprehensive end-to-end services that support banks and building societies throughout the entire customer lifecycle, from launch to scaling savings operations, to help them successfully enter and grow in the savings market.