Many young adults are missing out on various monetary deals due to their age and perceived status. Various investigations have shown that the younger generation, mainly those born in the 1980’s and 90’s actually want to manage their finances responsibly and not blow their childhood savings that they receive at the age of 18 on a round the world ticket.
Becoming of age is also about the financial responsibility that this offers, however many of the banking institutions are not offering enough scope for these savings to be enhanced. There are a plethora of financial challenges facing this ‘millennial’ generation as it has become known as. According to the comparison site uSwitch.com a quarter of this age group feel that their bank does not offer the options that they need to grow their wealth. This comes from knowing that ultimately they are going to have to look after their own financial needs, so pensions and general advice on money management is a key issue and one that isn’t being taken lightly. Nicholas Frankcom from uSwitch stated that “the banks must work harder, with more innovation around relevant products and services if they are to attract the custom of this generation”.
Lack of education and information is to blame in many ways, not lack of interest. With extortionate student debt at the end of a degree and job security that is scarce, looking after what finances you do have is essential for overall life security and wellness. Therefore it is key for the financial sector to empower the millennials rather than keep them on the periphery of financial growth.