News & Views - Savantor

Youth is key to acquiring financial self-management skills

Wednesday, 09 July 2014
The FCA is proposing to introduce caps on pay day loan charges in an attempt to protect people who have turned to this form of loan from being exploited in terms of extortionate rates and charges. There is no doubt that these loans can prove to be a slippery route to exit once taken, and there are many horror stories of people’s lives being taken over by a continuously growing debt that they find themselves unable to manage. Whilst there are various sources of help available for those finding themselves in this position, a key issue must be how to educate consumers to understand fully the implications of taking out such a loan before they do so. Leaving aside the social factors of why people take one of these loan products, the question is how to provide youngsters with the necessary knowledge and practical experience to equip them with financial management skills for later life and help prevent them from finding themselves in a unmanageable situation of spiralling debt. It has recently been reported that a UK start-up called Osper is intending to issue children as young as eight with debit cards. Whilst on the face of it this may be regarded as surprising and potentially risky, it can also be viewed as an opportunity to allow children early practical experience of managing money within an infrastructure of parental control. As well as a prepaid debit card, the Osper service provides a mobile app with separate logins for the young people and their parents, so a parent can put more money on the card and monitor how much is being spent. The Osper card is by no means the only children’s financial product in the market - there are other products available from card issuers and mainstream banks including savings and current accounts, debit and prepaid cards. Nevertheless there is a gap between children who can be exposed to and benefit from the experience of these types of products, which require some extent of parental involvement, to those who do not benefit from the parental infrastructure to be able to obtain and use these products. The issue to resolve therefore must be how to help these youngsters to become more financially astute and understand the implications of credit and debt and that there is no such thing as ‘free money’.
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Complex Multi-Country Migration

"This complex migration, undertaken simultaneously in Spain and Portugal, has been a complete success. Savantor has provided us with excellent support for over 3 years, both in the original business transformation programme and now this double migration. We value their open and honest approach to business, and of course the expertise that they bring."

Ricardo Gomez, Director, Operations & Technology - WiZink Bank – Spain & Portugal

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

Acquirer Transformation

"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."

Michael Liquornik, Executive Vice President - Neovia Financial - UK

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.