Numerous studies have been conducted to analyse the preferences and attitudes of the youth towards banking services in today’s rapidly changing environment.
Nevertheless, there are many inconsistencies between different studies and research materials, which implies that further analysis is required in order to fill in the gaps between the previous ones. The reason why we created this whitepaper is to provide our readers with detailed insights about what youth banking really is and to examine other important factors related to it.
In the first two chapters we will define the concept of young people and the characteristics of digital natives, while in the following three chapters we will elaborate on financial literacy, the financial preferences of Generation Z and financial resilience & well-being. After that we'll introduce the findings of a study published by the PDB Research Group about financial literacy of university students in Hungary. In Chapter 7, we'll examine some of the most important neobanks. In the penultimate chapter we'll enumerate and describe the potential functionalities of a family banking application. Finally, in the Conclusion part we will summarise the most important points and key take-aways of this paper.
We at ff.next are aimed at creating design-driven digital products that suit the needs of digitally-savvy customers and helping financial institutions and other fintech companies to address these needs.
We do constant research to keep ourselves up to date regarding the latest market trends and financial behaviour of youngsters. We are willing to share our research materials to help others understand the importance of the topic of youth banking, which is not a bleeding-edge anymore, but it only has been plastered, not healed. Taking control over your finances is a lifetime of work and starting to learn about financial literacy and how to manage your money is vital from a young age.
In order to increase the financial consciousness of youngsters they must be involved in financial services early on, which require digital solutions, interfaces and in the end - applications which can be used easily and intuitively. We truly believe that supporting youngsters in gaining financial knowledge will help to develop a society with better financial consciousness that eventually results in a stronger economy.