Young People Are Demanding Better Wellbeing Support from Banks

Young people are taking their mental wellbeing seriously. Data from the US suggests that 95% of 18-26 year olds rate their mental health as somewhat or very important, which is a higher percentage than any other age group. And their actions speak as loudly as their words. 37% of Gen Z reported receiving treatment or going to therapy compared to 35% of Millennials, 26% of Gen X, 22% of Baby Boomers and only 15% of the Silent Generation.?

Our own survey of over 1000 people in the UK found a similar pattern of young people prioritising their mental health. When asked to rank mental health, physical fitness, and financial wealth in order of importance in their lives, 59% of people aged 18-24 ranked mental health as their #1 priority. This was higher than any other age group, with the oldest 65+ age group dropping as low as 44% in ranking mental health as their top priority.?

"The burden of money stress is hitting young people particularly hard, and they are actively choosing banks and products that do more to support their financial wellbeing." Erman Misirlisoy, Chief Science Officer, ZavFit

But how do young peoples’ mental health priorities translate into needs and expectations in the context of banking services? Do young people expect more from their bank when it comes to their wellbeing? Are they more likely to switch banks if other banks are offering better support for financial wellbeing??

We asked people how much they would want to stay with a bank that offered “unique app features proven to improve your mental wellbeing with money”. Age groups between 18-44 were more likely to respond “very much” than “not at all”, while age groups after 45 were more likely to feel neutral.??

Similarly, when we asked how much people would want to switch banks for app features that reduce feelings of financial stress, young people were 233% more likely to respond positively than older people. They were also 225% more likely to switch banks for app features that boost awareness around personal finances and spending habits.??

In a recent trial of the ZavFit Health & Money App, we also investigated how ZavFit can improve financial wellbeing outcomes across a range of age groups.? While ZavFit improved financial wellbeing across all ages, it did so most dramatically among 18-35 year olds.

Young people showed a 171% greater boost in financial satisfaction and 239% greater boost in awareness of spending habits compared to 45+ year olds.

They also showed an enormous 322% greater reduction in money stress.?

While financial wellness is for everybody, the research clearly shows that young people place more importance on their mental health than older groups and they also feel the greatest benefits. Additionally, there is a growing demand among younger generations for better wellbeing support from the financial institutions they choose. In order to stay relevant with future customers, banks and other financial services need to keep up with this demand.??

ABOUT ZAVFIT

ZavFit is revolutionising the FinTech x HealthTech space with their innovative ZavFit app and iconic financial wellbeing metric, Happiness Per Pound?. Designed by scientists, the app is proven to significantly reduce people’s money stress in just 2 weeks.?

Poor mental health is at a crisis point globally, putting immense pressure on healthcare systems and on businesses with spikes in employee absence rates and declining performance. Money stress is one of the leading causes of poor mental health.?

Using Open Banking and principles from Cognitive Behavioural Therapy and Behaviour Change, ZavFit helps people gain control over their spending, feel more confident, and improve their?money habits.

Contact [email protected] for more information.