In today’s volatile economic landscape, financial resilience is no longer just about weathering storms - it’s about building strong foundations early. Across our membership and beyond, providers are  witnessing a shift in how families approach financial wellbeing, and we believe it all starts with education.

Recent research from Yorkshire Building Society reveals a growing awareness among UK parents of the importance of financial education in shaping their children’s futures. With 95% of parents agreeing that financial education is vital, and 89% believing it should be taught in schools, the message is clear: financial literacy is no longer a “nice to have” - it’s essential.

Yet, despite this recognition, only 24% of parents talk to their children about money weekly, and one in ten never broach the subject at all. This gap between belief and action highlights a critical opportunity for providers to support families in bridging the divide.

Financial resilience begins with understanding. Children form money habits as early as age seven, and attitudes start developing even earlier. Two-thirds of parents believe financial education should start before age 10, but many underestimate how early these foundational behaviours take root. This insight is  prompting providers like us to rethink how and when they engage with families.

Across our membership, we’re seeing a rise in initiatives that empower parents to start money  conversations sooner. From simple savings tools like Yorkshire Building Society’s passbook covers - designed to help children set and track savings goals—to digital learning tools tailored for young users, the focus is shifting towards proactive, hands-on learning.

Parents are also taking matters into their own hands. 78% regularly give their children money, often as pocket money or in exchange for chores, with the average child receiving £10.50 a week. These  everyday interactions are becoming teachable moments, reinforcing concepts like budgeting, saving, and goal-setting.

However, confidence remains a barrier. While 80% of parents feel comfortable discussing saving, only 43% feel equipped to talk about credit, and just over half feel confident addressing debt. This is where providers can play a pivotal role—not just by offering products, but by delivering accessible, age-appropriate education and resources. 

Initiatives like UK Savings Week are vital. The week encourages households to take small, achievable steps towards better saving habits and financial resilience. It creates a national moment that sparks conversations, promotes education, and brings together providers, educators, and families to champion financial wellbeing. For many, UK Savings Week is the catalyst for starting those long-overdue money conversations at home and in schools.

The implications extend beyond individual households. As financial resilience becomes a shared  priority, providers are collaborating with schools, communities, and policymakers to embed financial education into the curriculum. Yorkshire Building Society’s Money Minds programme, which reached over 16,000 children in 2024, is a prime example of how targeted interventions can scale impact. 

Ultimately, the evolution of financial resilience is about more than numbers—it’s about mindset. It’s  about raising a generation that feels in control of their financial future, equipped with the tools and confidence to navigate life’s challenges. And it starts with education. 

As financial service providers, we have a responsibility—and an opportunity—to support this shift. By empowering parents, and creating products that foster lifelong habits, we can help build a financially resilient society from the ground up.

Find out more, visit https://www.ybs.co.uk/your-society/money-minds

This article was first published in the autumn edition of Society Matters