Unlock Financial Solutions for Underserved Young Workers

Summary.

Future Finance supports organisations in the UK financial services sector to adopt innovative processes and products that boost the productivity of their business and improve the accessibility of their services. As part of the programme, Future Finance partnered with BehindLogin to conduct a comprehensive study targeting young workers aged 18 to 25 to understand their financial behaviours, challenges, and sentiments, particularly in underserved communities.

Challenge.

Future Finance faced the challenge of assisting UK financial service providers in tackling financial inclusion and literacy gaps among young workers. By gaining a deeper understanding of the financial struggles faced by this demographic, Future Finance aimed to guide providers in creating accessible and trustworthy financial solutions. BehindLogin’s research and methodology were deployed to gather insights and deliver recommendations that could foster long-term financial stability, ensuring young workers are equipped with the tools and knowledge needed to achieve their financial goals.

Approach.

BehindLogin used our Global Research Panel to source research participants that fit our target brief, namely underserved young workers aged 18 to 25. We created custom research interview scripts and conducted depth-interviews with each participant, fostering a comfortable environment for participants to share thoughts and feelings, providing rich qualitative data.

We then extracted meaningful insights from the research, identifying key themes, patterns and opportunities for UK financial service providers to address financial inclusion and literacy gaps. We packaged up our findings into a digestible and actionable report that Future Finance has leveraged to engage the UK financial services sector, before playing back our findings in a 2-hour face-to-face workshop with the BehindLogin and Future Finance teams.

Results.

BehindLogin’s research defined four mindset segments and revealed several key insights into the financial behaviours and challenges of young workers, which Future Finance is now using to inform UK financial service providers:

Financial Independence and Responsibility
Accessibility and Trustworthiness of Financial Advice
Investment Barriers and Knowledge Gaps
Optimising Savings for Future Goals
Information Overload
Striving for Long-Term Financial Stability.

BehindLogin’s research has provided Future Finance with invaluable insights into the financial behaviours and challenges of underserved young workers. This knowledge has enabled us to tailor our support more appropriately for UK financial service providers, and provide actionable recommendations for them that are relevant and backed up by evidence. We hope this will support the sector to better understand and meet the needs of young workers through the adaptation and enhancement of their service offering.