As a young person myself, I decided to explore a bit more online to see if there were any studies done about how young people deal with banking and finances. And to my luck, there were!
Almost all the articles I have read on this topic say the same thing. Young people lack education about finances. Young people are finding it hard to differentiate between different services banks provide, different accounts, borrowing jargon and other aspects of banking. They also severely lack the knowledge on how to finance their lives and how to go smartly about spending and saving.
There is an initiative called Money For Life, after 16-24 year olds voted in a public gov poll about what sort of education they want from banks. The four top issues young people have voted the most important are:
- Helping me to understand jargon around borrowing (28%)
- Helping me to understand taxes (27%)
- Helping me to understand different types of bank accounts available to me (27%)
- Providing good practice tips/ ideas for making my money go further (27%)
- Helping me to understand different savings products/ options (26%)
Going on these findings, I decided to design something that would be of great aid for people (not only the young!) in better understanding of all these issues. The education provided by the Money For Life campaign is done primarily on their website (www.moneyforlife.org.uk), however, I believe more of this should be instilled in the banks themselves.
The whole website is written and directed in a way that is easy to understand, while the bank webpages are still left as they are.