As of 2015, the generation known as ‘millennials’ – those born between 1981 and 2005 - is the largest generation in history, surpassing the so-called Baby Boomers, one of the most important generations of our time, according to Pew Research Center. In America, there are currently more than 80 million millennials, the oldest of which will turn 36 this year, and they are expected to generate 46% of all U.S income by 2025.
With the revised Payment Service Directive (PSD2) on the horizon, banking institutions are increasingly eager to take action - though most have yet to make a move - to get a head start on this new regulation and weather the storm of industry disruption that will no doubt ensue.
To consider PSD2 a threat to banks would be the short-sighted view, as the reality is that the opportunities are numerous. However, with approximately a year to 18 months until this legislation is implemented, many financial establishments may be misled into thinking time is on their side. With the inherent strategic and operational challenges this mandate will bring, they would be ill-advised to delay.
The Japanese culture is a combination of traditional and modern like few others. When you think of Japan, it would be normal to associate their culture with digital technology, mobile phones and virtual reality, but when it comes to banking, the old system remains firmly rooted to its analogue ways.
Money is the big taboo, undiscussed in social circles. It is unheard of in polite culture to ask your friends what they earn, or how they manage their money, and yet it is something we all secretly wish we knew. Does our friend/colleague/neighbor have all the answers, whilst we make a hot mess of our accounts?
In fact, we often don’t even ask our banks for advice, so PFM, or Personal Finance Management seems to be the tool to put pay to all this ambiguity surrounding the issue of finances.