Young people and banking products and services in Poland: fundamental aspects

Abstract

Motivation: This paper is devoted to the issue of using banking products and services by young people, i.e. children under the age of 13, youths from 13 to 17 years of age and young adults from 18 to 25 years of age. Considering the current fast digitalization in banking as well as increased competition on the financial market, the group of young people naturally becomes an object of interest to banks. Aim: The work is aimed at characterising young people as the clients of banks. In particular the aim of the study is to identify the motives, terms and legal aspects of servicing young people by banks as well as to characterize reasons and frequency of using banking products and services by young people. To deepen the knowledge in scope of functioning of children youths and young adults on the market of banking products and services,

Age-dependent differences in using FinTech products and services—Young customers versus other adults

“…• Generation Z (born after 2000). This division is conventional, which means that while reviewing the research of various authors, particularly those representing different academic disciplines, one may come across slightly different age bracket definitions as well as different names of individual generations, especially the youngest ones [57][58][59][60][61]. Characteristic of a given country, the socio-cultural and historical contexts are also essential as they may result in limited comparability (or a lack thereof) of generations in the Western and the post-communist Central and Eastern European countries, including Poland [62,63].…”

Balancing benefits: evidence-based guidelines for school-banking programmes

“…Further indication that school-banking programmes are more accurately understood as marketing rather than CSR or educational initiatives can be found in international evidence that indicates banks' motivation for such programmes is more about establishing long-term customers than improving the community's well-being (Buszko et al, 2019). This sentiment is consistent with findings of the Royal Commission which highlights the industry's pursuit of profit, self-interest and conduct which "has fallen short of the kind of behaviour the community not only expects of financial services entities but is also entitled to expect of them" (Commonwealth of Australia, 2019, p. 1).…”

“…In the case of the former, the desired behaviour change must generate a "greater good" for the individual or community (International Social Marketing Association, 2019). Again, findings by the Royal Commission and Buszko et al (2019) raise questions about the current appetite for such outcomes by some Australian banks.…”

“…Chau, 2019;Robinson, 2019). International evidence indicates that banks' motivations for such programmes are more about establishing long-term customers than improving the community's well-being (Buszko et al, 2019). That CSR, social marketing and corporate social marketing all claim to foster community well-being or a sense of greater social good (Lee, 2018;International Social Marketing Association, 2019) further complicates classification of, and potentially responses to, such activities.…”