The Youth Group taps Oliver Wyman for digital bank creation
Oliver Wyman will work as lead advisor to The Youth Group, as it looks to create a new digital bank for Gen Z. The Youth Bank aims to provide an accessible and transparent digital bank to consumers aged between 14 and 24.
The Youth Group is an online talent business that focuses on the promotion of young workers looking to build their careers, while providing them with the tools they need to get ahead and grow in work. Founded in 2018, the London-based organisation also has wings in New Zealand, Australia and Canada, and helps enterprise, government and education to engage, recruit and develop youth.
Before the advent of Covid-19, UK youth unemployment – which does not include people in education – stood at a record low of 5.5%. The pandemic has turned that on its head, however, and more than 6.4 million youths lost work across the G7 in the first half of 2020 alone. Year-on-year, statistics from UK Parliament have since shown that the number of young unemployed people in Britain in April 2021 was 274,000 lower than the previous year, hitting 3.48 million.
As the Youth Group looks to help Generation Z through this crisis, it has launched a new financial service: the Youth Bank. Built to assist young people reduce unwanted debt through simple financial education and financial care, the project has an aim to improve young people’s finances early on and take young people out of poverty through education, monetary transparency and unparalleled support.
Jack Parsons, President, The Youth Group, said, “There are roughly 9 million young people aged 14-24 in the UK and 30% of those are living in poverty. The Youth Bank has an aim to improve young people’s understanding around money and now is the time to fast-track our solution. We are delighted to have Oliver Wyman, one of the world’s leading financial services consulting firms, helping us on our journey towards making this a reality.”
Earlier in the year, digital services expert Deborah O’Neill joined The Youth Group as an Industry Advisor. Now, the two organisations have further added to their longstanding partnership, with the news that Oliver Wyman will help the Youth Bank navigate the UK’s dynamic banking landscape. Working as lead advisor on the Youth Bank initiative, Oliver Wyman will apply its financial and technology expertise in building new digital banks.
Michael Harding, Head of Fintech Innovation, Oliver Wyman, stated, “Young people urgently need financial support and education to improve their future. We are looking forward to working with the Youth Group on building the Youth Bank to help young people access earned pay and emergency funds with zero fees, and to create a springboard for financial health from the start of their adult lives.”
