BIG DATA
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Getting better at money management is among the top five New Year ’ s resolutions made each year , with 32 % of us vowing to save more and spend less . It ’ s also one of the most commonly failed ambitions , and now almost halfway through the year it is likely that many of that proportion have given up .
Many adults struggle with financial literacy – all year round . A study by Cambridge University and UCL last year found that a high proportion of UK adults have difficulty with basic financial management . A separate study found two-thirds of millennials had never been taught how to budget , and struggle to work out which financial products suit their needs .
It ’ s not just those with low financial literacy who want help managing their money . The new generation of banking customers is accustomed to having data at their fingertips . Before making decisions about everything from what to eat to where to go on holiday , the mobile information generation expects to be able to consult relevant data , get recommendations and compare alternatives . Why should financial decisions be any different ?
MAY 2019