Currently, just a third of 18-24 year olds feel that their bank provides them with the necessary digital tools for budgeting. Should they be given such options, a quarter (22%) believe they would be less likely to go into debt, according to research by Intelligent Environments.
It’s a worrying statistic, considering what proportion of this age group struggle to budget sufficiently. 31% admitted that they often lose track of their spending, while 32% are too scared to check their balance in the first place.
David Webber, managing director at Intelligent Environments, commented: “Our research shows that younger banking customers, like students, are increasingly relying on digital banking tools in order to keep on top of their spending and debt repayment levels. The rise of innovative payment technologies is increasing spending overall by making it faster and easier to pay for things. Now, it’s up to banks to help young people achieve the right balance between spending and saving.”