More than two-thirds, or 67%, of UK adults want to be able to view all their financial information in one place, according to new research.
The survey, which was conducted among 2,000 people in the UK on behalf of data aggregation and analytics platform Envestnet | Yodlee, aimed to assess attitudes when it comes to accessing finances online, and people’s willingness to allow their financial information to be shared securely with financial providers.
Envestnet | Yodlee said that the findings highlight the demand for Open Finance, particularly among younger generations.
It revealed that 80% of 16 to 24-year-olds said they would find it easier to manage their financial lives if they could view all their financial information in one place, while 82% of 25 to 34-year-olds said the same.
“Gaining greater access to your own financial data can unlock a number of benefits and give people better control over their finances,” Jason O’Shaughnessy, head of international business at Envestnet | Yodlee, said.
“Financial insecurity is increasingly prevalent amongst younger generations, so it is encouraging to see an increased level of willingness to actively engage with their financial lives.”
Read what Jason O’Shaughnessy had to say about Open Banking and how it can help everyone benefit from the post-pandemic recovery in this insight piece for Open Banking Expo.