Phenomena
Money
Aug 30, 2023
Martin Gronermann and John Dalton sit down with Eliot Salandy Brown to discuss how the latest social science can help banks and financial institutions provide better products and services. Topics include executives misunderstanding young people, emerging financial practices, digitization of financial tools, and introducing productive friction for better decision-making.
33:02
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Quick takeaways
- Understanding young people's relationship with money is crucial for the banking industry as they are future customers.
- Financial education is lacking in preparing young people to make informed decisions about money.
Deep dives
The Importance of Understanding Young People's Relationship with Money
Understanding young people's relationship with money is crucial for the banking industry as they are future customers. Many young people face financial uncertainty, burdened by debts and lacking trust in institutions. They need guidance and assistance in making smart financial decisions. Young people engage with their money in different ways, which can inspire banks and financial institutions to explore new initiatives. Society as a whole should care about young people's financial well-being, as the traditional systems may not provide the same level of support in the future. There is a need for financial education and a reevaluation of the models used to engage young people.
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