What is the opportunity if young people are fully included in the financial system?
There is a clear incentive to make the financial system work better for young people. Put simply, without the innovation and changes that are needed, we will all continue to miss out on the passion, creativity, and economic success of young people. Above all, young people themselves will miss out on achieving the ambitions they set for themselves and fulfilling their potential. That is why, as Dr Anna Barford, Bye Fellow in Geography, Murray Edwards College, University of Cambridge, reminded us, “Moving forwards we need to continue listening to what young people want and need, and actively address the barriers they face.”
Claire Dixon, Group Head, Corporate Affairs, Brand and Marketing, Standard Chartered Bank, closed out the Forum by outlining Standard Chartered’s own plans for the future:
We are committed to continue fighting inequality and tackling financial inclusion. We’re determined to lift participation and improve the lives of one billion people and their communities by unleashing the financial potential of women and small businesses in our core markets.
First, a partnership in a corporate supply chain with young low-income workers focused on financial health.
Second, solving for the financial knowledge and ability gap. Building on the research insight that 62% of young people say they don't know enough about financial services to use them, coupled with the emerging ideas generated during the Forum for better ways to help, Standard Chartered will guide and support young people with financial knowledge and understanding.
And third, partnership and collaborations. Standard Chartered Bank will continue to partner with the leading experts and networks to deliver on this huge agenda whilst joining forces with young people, clients, and thought leaders to ensure Futuremakers continues to evolve to deliver greater impact.
As Jennifer Kang, Head, Corporate Affairs, Brand and Marketing, Taiwan, Standard Chartered Bank, surmised:
With the right support, guidance, financial advice, and financial products and services, young people will succeed, and this in turn will contribute to more prosperous communities.
