What you need to know
Financial management is a discipline that must be learned, but is not typically taught, leaving people to pick habits up here and there. Parents are a significant influence, but it can sometimes feel confusing and complicated when advice comes from a broad range of sources, particularly for young people.
Open Banking represents a huge opportunity for product providers to position themselves as more supportive than perhaps they have been in the past, and for app providers to build an excellent affinity with their users. Product providers which choose to offer Open Banking apps could be in a strong position to secure future business in a much more fluid market for financial products.
This Report covers how people manage their finances today, with a review of the types of financial management tools offered and the range of influences that act on people as their financial literacy develops. Mintel’s exclusive consumer research explores people’s financial confidence and their attitudes towards financial management in general.
