Let’s start with the stereotypes…

If you type in ‘millennial’ into google images you’re likely to see this lovely photo or one similar; happy, slim healthy mostly (but not always) pale skinned, posing for selfies and chomping on an avocado gluten free sourdough bagel (or something like that, apparently).

Image: BMI

Type in ‘migrant’ and you’ll likely see something like this – mostly brown, impoverished, likely begging or seeking aid. Both images are subtly tattooed into our thoughts when we think of these diverse groups. Migrant simply means refugee to many.

Is there such a thing as the minted migrant?

The reality like always, is far more nuanced – especially when these two seemingly disparate groups are concerned with money and personal finance. A greater % of migrant males are employed than non-migrant British workers for example. (Source: The labour market characteristics of UK, EU and non-EU nationals in the UK labour market in 2016). The ONS cites that 658,000 migrants work in professional occupations – a sizeable market of people – potentially with money, needing to save for their future and that of their family.

WorldRemit 'Money Matters' campaign raising awareness of personal finance options targeting migrant communities in the UK.

If you’ve never had money to save or invest before, and you’re new to a country, the choices can seem daunting. Companies like WorldRemit – an online money transfer scale-up tried to address this. Founded by Somalilander Ismail Ahmed, they saw the opportunity to give impartial support to their consumers despite not selling any financial investments themselves.

Conversely the flash looking millennials have a dark side behind the selfies – UK government figures show only 37% of 25-34-year-olds now own the roof over their heads compared with 57% a decade ago. (Source: Evening Standard 22 Feb 18) Materially impoverished – what’s the point in even saving?

Hooray for FinTech – all is solved!

Maybe not – but for sure FinTech is giving options to those that are either not catered for or simply don’t see the possibility in saving for a future. Talking money is never easy, rarely interesting and often embarrassing. Imagine a 25 year old booking a meeting with a Barclays branch advisor to plan how they’ll save £5 a week – it simply won’t happen.

Existing bankers are certainly scared – 88% believing that most millennials will be using banking services from a variety of providers that are accessed through a single aggregation portal. (https://www.fintech.finance/01-news/open-banking-is-a-game-changer-for-millennials-new-survey-finds/ )

Left: Starling Bank‘s new Marketplace of financial products. No need to leave the house. No need to leave the app – get your mortgage delivered! Companies like Starling Bank are licking their lips at the opportunity – offering a marketplace of services more likely to appeal to micro investors and savvy savers.

Left: Wealthify’s offering – a far less scary way to invest £5 than heading to your local High St branch to be laughed at.

Companies such as PensionBee and Wealthify have recognised the reality of modern working and living – most millennials will not have one life pension from one lifetime employer and nor will they have £500 a month to tuck into an ISA. When you live in a shoebox in London or with mum in Manchester – ‘paper free pensions’ sounds awesome.

Right: PensionBee‘s simple dashboard makes a pension look almost fun to pay into. No paper needed, just wifi.

We all want a problem solved.

FinTech won’t ‘make’ millennials save for a pension any more than a gym membership will make someone fit, however smart companies are fitting their product UI/UX to the consumer need rather than forcing the consumer into what works for a 300 year old bank.

Likewise, many migrants will be apprehensive of ‘putting roots’ in a UK pension or mortgage – maybe ‘home’ will call them once more from afar. But access to information and simplified ways to make better decisions will only help secure their futures.

Nobody wants to wait for an Amazon delivery, and nobody wants to sit in Lloyd’s for 20 mins waiting for an advisor with 80 pages of leaflets. Make it fast, make it simple, make it safe… and if you can make it fun to use, you might just have something both a 50 year old Kenyan-Briton and a 24 year old Bristolian want to sign up to.

Full Reach is a strategic marketing and creative agency based in London. With years working with top FMCG brands such as Carlsberg, lifestyle brands like New Balance and FinTech superstars like WorldRemit – we love big brands and scale-ups. With a full creative agency in central Europe we can offer London based strategy with creative development costs that are highly competitive. If you’d like to talk more – reach out!