VisualGPS Creative Trends Wellness Let's Talk Money: Financial Literacy for Gen Alpha

Money and saving are abstract topics for most adults, and even more so for children—which is why using visual language that appeals to children and makes the topic easy to grasp is so important. Financial literacy is a crucial life skill to acquire from an early age.¹ A 2023 European Commission study found that only 18% of EU citizens show a high level of financial literacy—the good news is, only the same amount has a low level.² When financial services and banking brands are planning to speak to this audience, how can an advanced visual strategy help influence and educate the youngest generation, Gen Alpha, about earning, saving and spending money?

The youngest Gen Alpha will be born in 2024; however, their oldest members are now turning 14. At this age, they are not only consumers with pestering power, many of these tweens and teens are consumers managing how they spend their own money—and some of them are even earning it already through smaller side jobs.³

When the “gender pay gap” already begins at a young age which is frequently, the case,⁴ how do we balance visual storytelling? Visuals popular among Getty Images’ Financial Services customers tell a different story: Women and girls are, in fact, more often represented in money‑related visuals than men. However, the stereotype of the male provider persists, visually represented through fathers carrying their children on their shoulders. A visual piece missing is that of (older) children being guided by their parents.

While spending is digital in real life, in popular visuals, saving is often still analogue: Half of the visuals showing children with money feature a piggy bank, coins or bank notes. While this is an effective way of teaching children about money,⁵ it is only one side of the coin. It’s worth widening those depictions to digitise the concept of money savings with symbols that children know and understand.

Getty Images' VisualGPS research found that 78% of parents—compared to 66% of non‑parents—prefer to see images that highlight the convenience offered by digital banking. Spending today is digital. Credit cards are saved onto e‑commerce accounts, in‑game or in‑app purchases and e‑wallets on mobile devices and watches. As spending becomes more digital, the concept of money and spending becomes even more abstract than it already is, especially for children.

• Use a visual language that appeals to children and will make them interested in learning about money: Cartoony, colourful, light‑hearted. 
• Leverage video to show the processes money goes through in a way that is easy for kids to grasp and for brands and parents to explain.
• Visualise children involved in conversations and spending scenarios with their parents, instead of being passive bystanders.
• Empower young people by showing in visuals how children can have agency over their money, doing yard sales, spending it, browsing on the internet—but with parental support when appropriate.

Sources
[1] Young Consumers via emerald insight
[2] European Union
[3] Sparkasse Finanzgruppe; NatWest Group
[4] Starling Bank; DieZeit
[5] MoneyHelper