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In this report, we explore the banking and financial behaviours of young people. Banking is one of the most traditional industries however it is still necessary to engage with industry. From the basics of what accounts they hold to their budgeting discipline, we examine how young people engage with banking and what their knowledge of the overall banking ecosystem is. 

The Basics

Bar chart of the banking instructions that respondents possess, including current acounts, savings account, credit card, overdraft and loan, with 90.11% have current accounts.

9 out of 10 respondents have a current account. However, only 10% have an overdraft. A small percentage more (13%) have loans currently. Surprising 34.90% of respondents have taken out a loan at some point. 

Nearly half of respondents opened their first bank account by the time they were 16 years old. Only 6% of respondents open a bank account after the age of 20. 

Row chart of ages that respondents opened their first bank account, with 35.59% of respondents starting when they were 12-16 years old.


Over a quarter of respondents indicate that they have no monthly budget. Only 8.3% actually write out their budget. As for their discipline in following their budgets, the majority of respondents are only somewhat disciplined. 

Customer Knowledge

Roughly 1 third of respondents who haven’t taken out loans don’t feel confident navigating the bank system to apply for a loan. Another 40% of respondents don’t know what rates their bank charges.


We asked respondents whether they are currently investing in their pension. Three-quarters of the respondents are not currently investing. When asked why they aren’t, most indicated that they didn’t have a monthly or regular income to do so or felt like they were too young. When asked if they would start investing in the future, the majority said yes but over 40% still said no. Most respondents who do invest in their pension started when they were aged between 22 and 30. In fact, over a quarter started between 22 and 25, most likely starting just after leaving college.

We also asked if they partake in any investing activities. 22% said yes and the most popular platforms included Revolut and Trading 212.


Young people are very engaged with the banking system, however there are many who are less knowledgeable about the specifics. More education on tasks such as applying for loans seems necessary, since over a third are not confident in performing that task. Other financial hygiene tasks such as written budgets could also be improved on. 

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