A recent study by Opinium found that approximately 64% of registered voters aged 18-24 voted in last month’s EU Referendum, compared to 90% of over-65s. I believe this is because young people do not feel empowered to vote. Millennials do not have a deep
enough understanding of their own financial situation, the markets or the global economy to make an informed decision, so instead choose not to make one at all. Research we conducted at invstr showed over 68% of millennials in the UK are worried about their
finances and don’t know what to do. The positive and negative economic ramifications that will occur as a result of the referendum are being debated widely, but young people remain unaware how it will impact them personally. This needs to change.
After 30 years in finance, I decided to leave banking to undertake the biggest risk of my life and create a fintech start-up. I was foregoing an established career to devote my time and energy to a business that existed as a concept in my head. I realised
that if we empowered everyone, in particular millennials, with the information needed to take charge of their financial future then we could build a much more sustainable, wealthier and engaged society, which would lead to growth in the economy. The benefits
of pursuing this mission are enormous.
Millennials feel at home using mobile technology. Gamification (the concept of adding competition and point scoring to other activities) of financial education, whether that is learning about mortgages, pensions or investing on the stock market, will make
it fun and interesting while engaging young people who are currently disconnected from the financial system. Once they feel part of the global economy and can see the effects of it they are more likely to participate in the political process which in turn
has benefits for us all.