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Description

Description

“Open Banking is on the cusp of full implementation, and the financial management landscape feels ripe for a shake-up. That said, many are still comfortable using spreadsheets or paper-based methods, while financial confidence is being undermined by a lack of formal financial education. Providers can step in to provide support that is sorely needed.”
– Patrick Ross, Senior Financial Services Analyst

This report looks at the following areas:

  • Providers can succeed where schools and universities fall short
  • Cash infrastructure still holds an important place in financial management

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
    • Executive Summary

        • The market
          • Many young people have never dealt with a higher interest rate environment
            • Figure 1: Annual average Bank of England base rate, FY 1975-Q1 2018
          • Companies and brands
            • Banks, challengers, and PFM apps set out their stalls for Open Banking
              • The consumer
                • Nine in ten people rate themselves as financially confident
                  • Figure 2: Confidence in managing finances, February 2018
                • Insurance products draw the only stand-out switching rates
                  • Figure 3: Product switching behaviour, February 2018
                • Parents are most likely to have an influence on financial management
                  • Figure 4: Influences on financial management, February 2018
                • Online and in-branch banking are the dominant management techniques
                  • Figure 5: Tools and services used to manage finances, February 2018
                • Free information sources favoured due to accessibility
                  • Figure 6: Sources of financial management information, February 2018
                • Gap in financial education at school prompts strong feeling
                  • Figure 7: Attitudes towards financial management, by generation, February 2018
                • What we think
                • Issues and Insights

                  • Providers can succeed where schools and universities fall short
                    • The facts
                      • The implications
                        • Cash infrastructure still holds an important place in financial management
                          • The facts
                            • The implications
                            • The Market – What You Need to Know

                              • Interest rates expected to rise further and Open Banking stalls
                              • Recent Developments

                                • Big banks delay Open Banking implementation as challengers push on
                                  • First interest rate rise in almost a decade sparks speculation
                                    • Figure 8: Annual average Bank of England base rate, FY 1975-Q1 2018
                                  • Link has proposed a reduction of interchange fees charged to banks
                                  • Companies and Brands – What You Need to Know

                                    • Banks, challengers, and PFM apps jostle for position
                                    • Company Strategies

                                      • Traditional banks and building societies
                                        • High street banks return to the advice market
                                          • First Direct launches Artha app in partnership with Bud
                                            • Digital challenger banks
                                              • Starling Bank presses ahead with marketplace concept
                                                • Tandem follows Harrods Bank buy with Pariti purchase
                                                  • Personal financial management (PFM) apps
                                                    • Emma makes a move into the payments space
                                                      • Yolt gathers up a strong share of users in first six months
                                                        • Bean looks to grow with help with recurring payments
                                                        • The Consumer – What You Need to Know

                                                          • Nine in ten people rate themselves as financially confident
                                                            • Motivation and confidence drive higher switching of general insurance products
                                                              • Parents are most likely to have an influence on financial management
                                                                • Online and in-branch banking are the dominant management techniques
                                                                  • Free information sources favoured due to accessibility
                                                                    • Gap in financial education at school prompts strong feeling
                                                                    • Confidence in Managing Finances

                                                                      • Nine in ten people rate themselves as financially confident
                                                                        • Figure 9: Confidence in managing finances, February 2018
                                                                      • The confident and the unconfident: who are they?
                                                                        • The confident
                                                                          • The unconfident
                                                                            • Figure 10: Confidence in managing finances, by age and gender, February 2018
                                                                        • Product Ownership and Switching

                                                                          • Insurance products draw the only stand-out switching rates
                                                                            • Figure 11: Product ownership and switching behaviour, February 2018
                                                                            • Figure 12: Proportion of product owners who have switched in the past 5 years, February 2018
                                                                          • Higher earners are more likely to have switched
                                                                            • Figure 13: People who have switched any product in the past 5 years, by gross annual household income, February 2018
                                                                          • Confidence and switching are positively correlated
                                                                            • Figure 14: Confidence in managing finances, by product switching behaviour, February 2018
                                                                        • Influences on Financial Management

                                                                          • Parents are most likely to have an influence on financial management
                                                                              • Figure 15: Influences on financial management, February 2018
                                                                            • Banks and friends come in a distant second
                                                                              • Schools and universities are at the bottom of the pile
                                                                                • Younger people more likely to feel influenced across the board
                                                                                  • Figure 16: Influences on financial management, by age and gender, February 2018
                                                                              • Financial Management Tools and Services

                                                                                • Online and in-branch banking are the dominant management techniques
                                                                                    • Figure 17: Tools and services used to manage finances, February 2018
                                                                                    • Figure 18: Number of tools/services used to manage finances, February 2018
                                                                                  • PFM apps struggle to rival spreadsheet management
                                                                                      • Figure 19: Tools and services used to manage finances, by generation, February 2018
                                                                                  • Sources of Financial Management Information

                                                                                    • Free information sources favoured due to accessibility
                                                                                        • Figure 20: Sources of financial management information, February 2018
                                                                                        • Figure 21: Number of sources of financial management information used, February 2018
                                                                                      • 25-34s extend voucher and deal website use into financial services
                                                                                        • Figure 22: Sources of financial management information, by age, February 2018
                                                                                    • Attitudes towards Financial Management

                                                                                      • Gap in financial education at school prompts strong feeling
                                                                                          • Figure 23: Attitudes towards financial management, February 2018
                                                                                        • A fifth of Millennials say it’s too late to make changes to financial management
                                                                                          • Figure 24: Attitudes towards financial management, by generation, February 2018
                                                                                        • Robo-advice could help empower the financially unconfident
                                                                                          • Figure 25: Interest in receiving automated online financial advice tailored to personal situation, by confidence in managing finances, February 2018
                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                          • Abbreviations
                                                                                            • Consumer research methodology

                                                                                            About the report

                                                                                            This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                            • The Consumer

                                                                                              What They Want. Why They Want It.

                                                                                            • The Competitors

                                                                                              Who’s Winning. How To Stay Ahead.

                                                                                            • The Market

                                                                                              Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                            • The Innovations

                                                                                              New Ideas. New Products. New Potential.

                                                                                            • The Opportunities

                                                                                              Where The White Space Is. How To Make It Yours.

                                                                                            • The Trends

                                                                                              What’s Shaping Demand – Today And Tomorrow.

                                                                                            Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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