My decision study this topic has come from a few different drivers:

Firstly (from my economics head), the UK economic environment we found ourselves in is an interesting one – whereby unemployment is at a record low level, but factors like disposable income and wealth growth is often a negative story for people. For example, UK consumers are now more likely to be borrowers than savers, and the ‘savings ratio’ is at a record low. Not having that financial cushion to rely on in the present, or to utilise in planning ahead is at least a concern for some, and financially dangerous for others.

As a response to these economic impacts on consumers (and arguably some inefficiencies in the financial services sector), the Financial Conduct Authority have introduced a key piece of regulation, via Open Banking. Brought into law this year, this regulation means banks have to open up their accounts data (via secure connections ) to tech firms wanting to provide new and innovative services that are more personalised and beneficial to the consumer. Combine this, with the current wave of new digital services entering ever more aspects of our lives, and we have a portfolio of products in front of us, promising us to empower us financially.

So I want to know if these new products and services are having an impact: Are we starting to use them? Are they changing our financial decision making in a positive way? How much effect are they having?

The other thing I am including in the study is areas around our financial education. What we are we taught about money growing up? And does this have an effect on how we manage our financial lives in the future? Maybe as consumers we struggle with saving or financial responsibility because we simply didn’t build up the fundamental principle growing up. In which case, a new fancy mobile app is going to fix that…On the other hand, what if we just need better information, that is relevant to us, on what we should be doing with our money?