6 Jun 2017
by Anna Bennett
Guided Savings could be the way to encourage millennials to change their habits.
… they tend to prioritise short term spending over long term savings, making current banking propositions redundant.
Today’s savings products are still designed to help people secure a long term financial future. But for most younger customers, saving is simply not an option or indeed desirable with credit so widely available. Further, they are inexperienced. A younger customer is unlikely to engage with this ‘saving phenomenon’ unless a guided savings process is exists. People want to save – they just don’t know how. They need gentle ‘nudging’ to help form new habits and more context to understand why they are saving.
Those who do save choose to do so in increasingly diverse ways, from crowd-funding to forays into shareholding.
How can you rethink your savings propositions to appeal to millennials’ frivolous attitude to spending and their confusion over saving?
At FINkit, we’ve conducted extensive consumer research to give our clients some MVP’s for how to start along the journey of delivering guided savings services that encourage a generation of spendaholics to change their ways.
Please CLICK HERE to arrange a FREE team discovery workshop to understand how you can put in place better banking products quickly with FINkit.