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Brits shying away from their finances due to the complexity of traditional bank

by LLB Reporter
21st Nov 18 8:32 am

New research from N26, a leading mobile bank that launches in the UK today, reveals that the complexity of traditional banking has a major impact on Brits’ financial futures.

80% of 16-34 year olds say that complexity is a significant challenge with traditional banks and 70% are putting off dealing with finances. 30% say this has caused them to delay life milestones such as buying a house. Millennials are not alone in this, with 64% of Brits admitting that they find the world of money management overly complex.

The research also shows that 66% are frustrated with their current bank. Frustrations include having to decode bank jargon, navigating all the available products and deals and being able to easily track spending. The concern around the ability to track spending is most prevalent amongst younger consumers aged 16-34, with a third (33%) saying this is their biggest money management bug-bear.

Commenting on the findings, Valentin Stalf, CEO and co-founder of N26 said: “Money management should not be a time consuming and frustrating experience. N26 has been designed to simplify banking and empower people to take control of their finances.”

Launched in 2015, N26 has held a European banking licence for two years and grown rapidly across Europe. The app-based bank has 1.5 million customers across 22 countries and over 5,000 new customers sign up every day.

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