The Youth Group has appointed Oliver Wyman as lead advisor to support the creation of its Youth Bank; an accessible and transparent digital bank for 14 to 24-year-olds.
The Youth Bank will help young people to reduce unwanted debt through simple financial education and financial care. Its aim is to improve young people’s finances early on; and take young people out of poverty through education, monetary transparency and unparalleled support. Applying its financial and technology expertise in building new digital banks, Oliver Wyman will help the Youth Bank navigate the UK’s dynamic banking landscape.
FINANCIAL SOLUTIONS FOR YOUTH
“There are roughly nine million young people aged 14-24 in the UK; and 30% of those are living in poverty. The Youth Bank has aim to improve young people’s understanding around money; and now is the time to fast-track our solution,” stated Jack Parsons, President of The Youth Group. “We are delighted to have Oliver Wyman as one of the world’s leading financial services consulting firms to be helping us on our journey and make this a reality.”
Adding to his comments, Michael Harding, Head of Fintech Innovation at Oliver Wyman, said: “Young people urgently need financial support and education to improve their future. We are looking forward to working with the Youth Group on building the Youth Bank to help young people access earned pay and emergency funds with zero fees; and to create a springboard for financial health from the start of their adult lives.”
Click here to read more on how to engage and support British youth to boost their career prospects.
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