MyBnk finds many of young people’s financial difficulties stem from a lack of understanding or an assumption of knowledge. Taking away paper bills and statements only adds to that confusion. This is especially true of the vulnerable young people we work with, many of whom lack access to digital services and are already financial excluded.
Young people want choice just as any consumer and these findings echo a lot of what we hear in classrooms and youth groups every day: “with a physical format I know exactly where I stand; I can plan my next steps and effectively manage my money’.
The assumption that because young people are digitally savvy they do not want or need paper bills and statements has been shown to be a myth – it gives them a sense of control and is very important in the early stages of money management . It is how they learn and gain confidence to perhaps use different ways of organising their finances in the future.
Nearly half of 16-25 year olds name debt as their biggest fear, so anything that can help them keep on top of their money, and prevent them falling into that trap helps us in our mission for effective financial education.