{"id":9589,"date":"2023-11-29T11:06:31","date_gmt":"2023-11-29T11:06:31","guid":{"rendered":"https:\/\/www.mouthymoney.co.uk\/?p=9589"},"modified":"2025-03-03T09:00:30","modified_gmt":"2025-03-03T09:00:30","slug":"youth-tech-and-the-confidence-to-save","status":"publish","type":"post","link":"https:\/\/www.mouthymoney.co.uk\/budgeting\/youth-tech-and-the-confidence-to-save\/","title":{"rendered":"Tech is changing the personal finance narrative for young people"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Sophie King explores how technology empowers youth to manage finances, with 83% of young people happy with financial services, as reported by MRM and Mouthy Money on the Young Money.<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-1024x683.jpg\" alt=\"\" class=\"wp-image-9590 lazyload\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-1024x683.jpg 1024w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-300x200.jpg 300w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-1536x1024.jpg 1536w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-2048x1365.jpg 2048w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-450x300.jpg 450w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-225x150.jpg 225w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-900x600.jpg 900w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-1350x900.jpg 1350w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-20x13.jpg 20w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2023\/11\/pexels-anna-nekrashevich-7552568-144x96.jpg 144w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Technology is giving young people a kickstart into saving, but so is the confidence to discuss money.<\/p>\n\n\n\n<p>It is pretty difficult to avoid technology. We use it every day &#8211; from communicating with loved ones, shopping for clothes, booking flights and accommodation and managing our finances.<\/p>\n\n\n\n<p>While there are negatives relating to technology, such as the rise of online scams and the fact that it is so easy to throw away money online, it has also given young people access to managing their cash, and this can only be a good thing.<\/p>\n\n\n\n<p>I\u2019m currently travelling Australia and for me, much of my travel admin has been handled on my phone.&nbsp;<\/p>\n\n\n\n<p>Whether that\u2019s communicating with travel agents, booking and paying for various trips and finding freelance work.<\/p>\n\n\n\n<p>More importantly, I approve payments on my phone and I manage my savings via different banking and money apps &#8211; I think without these, I wouldn\u2019t have nearly as much a handle on how much I\u2019m spending each day.<\/p>\n\n\n\n<p>MRM and Mouthy Money\u2019s latest report on financial freedom revealed that young people are using a variety of financial products, and what\u2019s more is that they\u2019re pretty happy with the ones they use.<\/p>\n\n\n\n<p>Of the 500 18-30 year olds that were surveyed, 32% use a credit card and that same figure have a cash savings account.<\/p>\n\n\n\n<p>One-fifth (20%) have a cash ISA, 15% a workplace pension, 14% have home insurance and 12% have a mortgage.<\/p>\n\n\n\n<p>A huge five out of six (83%) said they were fairly happy with the products they use for their finances.<\/p>\n\n\n\n<p>Two-thirds (60%) said they were happy because the products were simple, while 40% listed ease of access and being well-priced as other impressive reasons.<\/p>\n\n\n\n<p>A quarter (25%) admitted that these products were easy to access via technology and 27% therefore said it helped them to achieve their financial goals.<\/p>\n\n\n\n<p>The great thing about technology and money is that you can see what you\u2019re spending or saving right on your phone, from anywhere at any time. It\u2019s tangible and visible and I believe that these apps hold us to account.<\/p>\n\n\n\n<p>There are so many initiatives from banks and other money companies that encourage people to begin their savings journey.<\/p>\n\n\n\n<p>Starling or Monzo give customers the option to create pots which they can put lumps of money into to track their spending. I had several which included bills, rent, travel, food and social.<\/p>\n\n\n\n<p>You\u2019ll even get monthly or weekly updates from banks about whether you\u2019re spending more or less from a certain pot.&nbsp;<\/p>\n\n\n\n<p>Many banks and other apps also offer people the chance to round-up payments and put them away into a savings account.<\/p>\n\n\n\n<p>I opened my savings account all through my phone, as it was with an online-only bank. I monitor how it\u2019s doing each month too, all via an app.<\/p>\n\n\n\n<p>I manage all my spending on my phone and use simple, yet effective apps to do so.<\/p>\n\n\n\n<p>MRM\u2019s and Mouthy Money\u2019s report also found that half of respondents said they felt comfortable talking to others about their money.&nbsp;<\/p>\n\n\n\n<p>A further 23% were unconcerned in doing so while only less than a quarter (22%) were uncomfortable in doing so.<\/p>\n\n\n\n<p>In terms of who they go to for advice and support, 51% said their family and 30% said they talk to friends showing a growth of these conversations in young people&#8217;s social groups.<\/p>\n\n\n\n<p>Only 15% said they don\u2019t look for any financial advice so it\u2019s nice to see it is on the radar of the majority.&nbsp;<\/p>\n\n\n\n<p>It\u2019s positive to see that a number of young people are being active with their money and it\u2019s something I\u2019ve seen while travelling.<\/p>\n\n\n\n<p>When I\u2019ve told other backpackers I\u2019ve met that I write about money, most people respond with something like \u201coh please teach me about saving\u201d or \u201cI\u2019ve just started investing in XYZ.\u201d<\/p>\n\n\n\n<p>One girl I met was even reading a beginner&#8217;s guide to investing-style book, while we were on a boat tour of the Whitsundays &#8211; if that isn\u2019t dedication then I don\u2019t know what is.&nbsp;<\/p>\n\n\n\n<p>It\u2019s refreshing to see that people care about what their money does and where it goes.\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.mrm-london.com\/whats-happening\/reports\/young-money-report-2023\/\">Read the full results of the Young Money report 2023<\/a><\/strong><\/p>\n\n\n\n<p>Photo credits: <a href=\"https:\/\/www.pexels.com\/search\/youth%20and%20tech\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pexels<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sophie King explores how technology empowers youth to manage finances, with 83% of young people happy with financial services, as reported by MRM and Mouthy Money on the Young Money. Technology is giving young people a kickstart into saving, but so is the confidence to discuss money. It is pretty difficult to avoid technology. We&hellip;<\/p>\n","protected":false},"author":134,"featured_media":9590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1341],"tags":[65,64,27,482],"class_list":["post-9589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting","tag-money","tag-savings","tag-tech","tag-young-money"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech is changing the personal finance narrative for young people - Mouthy Money<\/title>\n<meta name=\"description\" content=\"Sophie King explores how technology empowers youth to manage finances, with 83% content, as reported by MRM and Mouthy Money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mouthymoney.co.uk\/budgeting\/youth-tech-and-the-confidence-to-save\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech is changing the personal finance narrative for young people - 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