How can young adults be more confident managing their money?

When you deal with a bank or other financial services company, you want to feel your needs are being put first, you understand the information you’re given and you’re only recommended products and services that are right for you. 

That’s what Consumer Duty was designed to achieve, but three years since its introduction, it’s clear that while progress has been made, there’s still some room for improvement.

As new figures from YouGov show, many people feel brands are still not acting in customers' best interests or actively helping them make good financial decisions. 

Young people want more support

Younger adults appear to be finding things particularly difficult.

New research shows younger adults are feeling less supported by financial services companies than they were a year ago, especially in areas like support, decision-making and financial outcomes.

But interestingly, product suitability and understanding have remained relatively stable. 

This suggests the products themselves aren’t always the problem.

Instead, it's that young people don't always feel supported to make the right financial decisions.

Vulnerabilities aren’t always being catered for

Another issue is that many vulnerable people don’t always feel they’re getting the right support.

Nearly two-thirds (63%) of the people we support are classed as vulnerable.

And it’s important to stress that vulnerabilities can take many forms, such as mental health issues, neurodiversity, learning difficulties, poor literacy, digital exclusion and language barriers.

We’ve seen firsthand that many people with vulnerabilities aren’t always quick to make them known, partly because of stigma, fear, embarrassment.

And significantly, many don’t know they’re entitled to additional support. 

So organisations need to do more to spot when and if someone needs extra help, before a person reaches crisis point.

What do consumers want from financial services companies?

Ultimately, people who deal with companies such as banks and building societies want good outcomes and to feel they’re being looked after.

That means getting clear, jargon-free communications, reassurance that support is there when they need it, and regular updates about their finances.

People need to feel supported throughout their journey, not just when something goes wrong.

Take control of your finances

If you’re struggling, don't hesitate to reach out and ask for help.

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