The next generation is looking to use financial services through technology, and the old banking infrastructure is becoming increasingly dated. But what alternatives are these students using instead?
Blackbullion have analysed activity by our student community, based on almost 20,000 active users of our Money Manager app. We’ve found that:
- Fewer than 10% have surplus funds each month – but those that do have over £4.3m left over each year
- Almost 25% of students receive regular financial support, most likely from family, averaging £276.34 per month
- Often, students are choosing to invest in neobanks like Revolut or alternative digital investment solutions like Plum or Moneybox.
Students are looking to their financial services providers to offer inventive solutions that support their goals. They want to save, invest, and build a positive credit score and are looking for fintech solutions to help them.
What’s covered in this free report?
- How much students are saving each month
- Where students are moving instead of using traditional banking
- What are young people’s priorities for saving and investing.
Who is the report for?
This report is for:
- Financial professionals, including those working in major banks and building societies in the UK market
- Policymakers and advisers considering the finances of young people
- University staff – both academic and professional – who are working in funding or student support
- Any professional with an interest in the education and outcomes of current students and future generations.
How is the data collected?
Blackbullion offers a range of features and products to students that require them to connect their bank accounts through open banking – working in a similar way to tried-and-trusted products like Apple Pay. In partnership with our FCA-approved Bud, we anonymise and analyse this data.
By representing our community of 330,000 students, we’re able to generate insights into students’ financial realities at local, regional, and national levels with high levels of confidence.
We’re committed to the highest levels of data protection and transparency. This means that we’re focused on delivering value to our students, empowering them to make informed decisions and challenging them on less-than-ideal activity. We share these insights in a way that protects individuals and allows organisations to better understand students’ needs – creating a more positive financial future for Gen Z and Gen Alpha.
Who is Blackbullion?
Blackbullion is the ultimate destination for students to master money management. We’re on a mission to help students develop financial skills and confidence for life. Our products support over 330,000 students to become money smart before, during, and after their studies. We work with more than 75+ universities, colleges and businesses, including Amazon, Nationwide Building Society, and Imperial College London.
Want to learn more about what we do? Book a call with Jon Hering, our Head of Commercial.
