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ADDING and REPLACING Generation Alpha set to be most entrepreneurial yet, as new research reveals expectations for a world of ?ultimate convenience'


Add after last paragraph of release dated November 14, 2023: *Children applying must be between 8 ? 14 years old, live in the UK (which includes NI), have a parent or legal guardian's permission to enter (your parent or legal guardian must also live in the UK (which includes NI), and have a parent or legal guardian who consents to the terms of entry. Successful applicants selected via a random ballot at least 30 days before the event and notified with more details closer to the time. Enter between 14 November 2023 - 31 January 2024. 30 winners will be selected from the ballot to attend the Junior Inventors' Day.

The updated release reads:

GENERATION ALPHA SET TO BE MOST ENTREPRENEURIAL YET, AS NEW RESEARCH REVEALS EXPECTATIONS FOR A WORLD OF ?ULTIMATE CONVENIENCE'

Generation Alpha, born 2010 ? 2025, expect a more seamless world which has the potential to reimagine local communities, affecting the way towns operate, how governments support them, and the way their economies are run. To explore these opportunities, Visa will shortly be inviting the next generation of innovators to put their ideas to the test in a human-centred design session with Visa's brightest minds.

Transforming communities and economies

In just four years, the first members of Generation Alpha will enter the workforce. Whilst Gen Z have already had a profound impact on the way businesses operate, the next generation is set to shake things up even further. Three quarters (76%) of children aged 8-14 aspire to either establish their own business, run a small enterprise, or pursue a 'side hustle', compared to only 13% who said they would prefer working for others. This is in stark contrast to the current make-up of the UK workforce, with just 13% of the working population working for themselves, and 86% working for others.2 If these expectations play out as the data suggests, Generation Alpha has the potential to completely transform how businesses and communities will operate in the next five to ten years.

A digital and AI-empowered generation

Generation Alpha are as deeply connected in the online world as the real one3. Visa's research demonstrates the impact this is having on their financial understanding and attitudes towards earning, with artificial intelligence, digital experiences, and sustainability emerging as the most important elements.

Innovative minds call on robots and AI for the ?ultimate convenience'

The next generation has a clear vision for how technology like AI will shape their future. When asked to think of innovations that could make their adult lives easier, robots and machines that undertake daily tasks like cleaning a room, going to work and cooking, was the top trend to emerge from Generation Alpha.

Specific examples include:

Mehret Habteab, Senior Vice President of Product and Solutions at Visa Europe, comments:

"Younger generations will force businesses, governments and ultimately economies to change how they think and how they will operate in the future. This change will happen much faster than most realise. Understanding the expectations for a simpler and more convenient life is vital for businesses to stay competitive and for building thriving economies. It's an exciting time to be doing what we do, helping our clients and partners navigate these changes and prepare for this new age of commerce. Only those who adapt quickly will be successful in meeting the needs of this next generation."

Inspiring the next generation of innovators

To recognise the potential for this age group to revolutionise economies, Visa will be inviting the next generation of innovators to step into the role of inventor for a day. Collaborating with the Visa teams who have spearheaded ground-breaking advancements in payment technology, such as contactless, AI and tokenisation, one of the group will have a chance to be appointed Visa's first ?Junior Chief Innovation Officer'. Applications will open in due course and those interested in participating will be able to sign up via Visa's website.

About the research

Research commissioned by Visa and conducted by Opinium with 550 8-14 year olds. The research was carried out between 15th August 2023 and 22nd August 2023. The data was collected using an online survey in the UK.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.co.uk.

1 Research commissioned by Visa and conducted by Opinium with 550 8-14 year olds. The research was carried out between 15th August 2023 and 22nd August 2023. The data was collected using an online survey in the UK
2 https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/employment/self-employment/latest#full-page-history
3 https://www.theiet.org/membership/member-news/member-news-2023/member-news-april-to-june-2023/gen-a-spending-more-time-online-than-offline-new-iet-research-reveals/

*Children applying must be between 8 ? 14 years old, live in the UK (which includes NI), have a parent or legal guardian's permission to enter (your parent or legal guardian must also live in the UK (which includes NI), and have a parent or legal guardian who consents to the terms of entry. Successful applicants selected via a random ballot at least 30 days before the event and notified with more details closer to the time. Enter between 14 November 2023 - 31 January 2024. 30 winners will be selected from the ballot to attend the Junior Inventors' Day.



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