MyBnk have joined the Keep Me Posted campaign to maintain consumer choice with paper bills, statement and payment options.
Many young people are not taught any financial skills, this means they may find it harder to deal with their own personal finances so removing paper may just add to their confusion.
Although the majority of people under 25 have grown up online, that does not mean they automatically want or are able to manage with their finances in a virtual world – Keep Me Posted’s research shows 36 per cent aged 15-24 still prefer to view their bank statements on paper.
Keep Me Posted’s has found that more than half the population are more likely to read a paper financial statement than an online one so taking away that choice could mean many young people find it hard to keep track of their budgets.
We are now part of a range of groups like Mind, RNIB, DementiaUK and the National Consumer Federation that believe people should have the right to choose how they would rather be contacted by providers and digital communication is not always going to be what everyone wants!
MyBnk finds many of young people’s financial difficulties stem from a lack of understanding – for instance, 1 in 20 teenagers think they do not have to pay back credit card debt at all. Taking away paper bills and statements only adds to that confusion.
It is echoed by countless vulnerable young people we work with through our specialised Money Works programme. Many lack access to digital services and are already financial excluded: ‘with a physical format I know exactly where I stand; I can plan my next steps and effectively manage my money’, is something we hear all the time.
That is why we are delighted to support Keep Me Posted in its campaign for consumer choice.
Judith Donovan CBE, Chair, of the Keep Me Posted campaign, says,
“Though the majority of under 25s have grown up using the internet, it does not necessarily follow that they are better able to or want to manage their finances online. In my daily life I hear many concerns about the move to paperless bills and statements but even more concerns about the right to choose being taken away from consumers.
There is no doubt that many businesses, in their drive for greater efficiency and cost savings, have forgotten to take their customers with them on that journey. And it is even more important for youngsters who are only at the start of their financial journey, and just learning to be independent, to be able to manage their money properly.
MyBnk is helping them to do just that, and I am pleased to welcome them as supporters of the Keep Me Posted campaign.”