The Simplified blog

Hi all

In South Africa, we often talk about how alienated ordinary consumers are from financial services. From a recent study done in Scotland, you can see that this is also the case elsewhere. And a youth group and a large bank is trying to tackle the problem head on.

Here is the 10-point plan put together by Lloyds TSB Scotland and Young Scot as part of a three-year agreement to tackle the issue of young people and financial capability.

1 Working with young people to combat complicated financial jargon.

2 Working with a group of young volunteers to develop up to 12 podcasts explaining banking process and key products.

3 Developing training input for Lloyds TSB Scotland staff, involving young people as trainers.

4 Piloting the training and support of specialist "youth advisers" in Lloyds TSB Scotland branches.

5 Looking at the feasibility of developing a "youth friendly" bank charter mark that will identify branches as being Young Scot approved.

6 Working to introduce, publish and promote Young Scot pass cards as proof of identity for opening bank accounts.

7 Identifying and promoting branches with enhanced opening hours to suit young people.

8 Developing feasibility proposal for a "staggered" bank account designed in partnership with young people.

9 Offering information on money, finance, training and work, housing, benefits and general information on financial capability through the Young Scot InfoLine and a web services for people aged 12 to 26.

10 Establishing a youth advisory panel available to bank representatives to advise on services for young people.