Beschloss: Young people now see some tech giants as more unethical than oil firms
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
UK bank handing £256-a-year to customers but you won't find it on High Street
Millions of Brits are sticking with current accounts that give them next to no perks - even when changing banks could put hundreds in their pocket. A new study found 40 per cent of people had never switched provider, despite 58 per cent feeling let down when incentives were cut, reports Santander has closed its 123 Lite account, moving clients to Everyday, which has fewer rewards. READ MORE: Cost of living payments entering bank accounts every month in 2025 Get breaking news on BirminghamLive WhatsApp, click the link to join More than half, 51 per cent, of Santander customers surveyed were unaware this was taking place. The research was carried out by Zopa Bank, which claimed its new Biscuit account provided four times the value of Everyday with customers able to earn £256-a-year through cashback and interest. Merve Ferrero, Zopa's chief strategy officer, said: "We know over a third of UK consumers stick with their bank out of habit, even when their loyalty goes unrewarded. "At Zopa, we want to change that. "With Biscuit, we've launched the UK's best free current account for everyday value - combining the peace of mind of a fully regulated bank with the ease and value customers expect from a modern digital experience. "Whether it's cashback on bills, interest on savings, or effortless money management in one place, Biscuit makes everyday banking better." The survey also reveals a clear generational divide in banking behaviour. While older customers are more likely to stay loyal even when perks disappear, 23 per cent of Gen Z plan to shop around, compared with just 16 per cent of 45 to 55-year-olds. Gen Z are also turning to new sources for money advice with 42 per cent consulting AI and social platforms like ChatGPT, TikTok, and Reddit, compared with 30 per cent of millennials. Unsurprisingly, spending priorities for a £256 windfall differ with millennials favouring football tickets (22 per cent), Ninja gadgets (15 per cent) or a Sky Sports/TNT subscription (11 per cent). Gen Z's shopping list also includes football tickets (13 per cent) alongside Oasis tickets (ten per cent) and Dubai-style chocolate (ten per cent). Zopa, launched in 2020, has attracted 1.5 million customers and won multiple banking awards.
Business Wire
2 hours ago
- Business Wire
Gen Z Achieving Success in Saving, Showing Interest in CDs to Accelerate Growth, Santander Bank Survey Finds
BOSTON--(BUSINESS WIRE)--Santander Bank, N.A. ('Santander Bank') today announced findings from a new survey revealing that younger generations, especially Gen Z, were able to increase their savings in 2025. The survey found 58% of Gen Zers and 54% of Millennials increased their savings since the start of the year, ahead of their Gen X (47%) and Baby Boomer (39%) counterparts. According to the latest Openbank Growing Personal Savings ('GPS') Tracker from Santander Bank, their success may be the result of a renewed focus on savings. The overwhelming majority of Gen Z (81%) and Millennials (79%) say growing their savings is a top priority, and 69% of Gen Zers and 62% of Millennials made lifestyle trade-offs in the past three months to save more. 'It's encouraging to see younger consumers embracing the importance of saving,' said Swati Bhatia, Head of Retail Banking & Transformation for Santander Bank and CEO for Openbank in the United States. 'They are showing real determination as they find ways to cut spending and build savings, even in a challenging environment. These savers now have an opportunity to grow their savings further by using high-yield savings accounts and CDs that are currently offering meaningful interest rates.' Savers Miss Out on Higher Yields, But CDs Pique Interest While building savings remains a priority across generations, the majority are not earning a competitive rate on their savings, as few savers are using accounts that pay higher interest. Instead, most keep their primary savings in lower-yielding options, such as traditional savings accounts (43%) or checking accounts (31%). Gen Z—the generation most committed to saving—has the greatest opportunity to benefit by leveraging higher-yielding accounts. Among Gen Z savers who know their interest rate, less than four in 10 (38%) earn a competitive rate—defined as at least a 3.00% annual percentage yield (APY). While many have yet to tap into higher-yielding savings accounts, interest is growing in certificates of deposit (CDs) as a practical way to lock in higher rates ahead of potential Federal Reserve rate cuts later this year. With a CD, accountholders agree to keep their funds in the account for a specified period of time, typically in exchange for a higher rate of interest. The survey found that 61% of consumers are interested in opening a CD to secure a higher rate, with consideration highest among younger generations. While just 8% of Gen Z currently own a CD, 74% are interested in opening one before rates come down, more than any other generation. Yet, Gen Z—compared to other generations—lacks familiarity with how CDs work, demonstrating a need for more financial information. 'For decades, the interest rate environment was not favorable to savers. But over the last few years, CDs have become a very attractive way to lock in higher yields,' Bhatia said. 'Given interest rates were low for such a long time, it's not surprising that younger savers are unfamiliar with CDs and other higher-yielding account options. Now is an opportune time for them to consider opening a CD to make the interest rate environment work for them. At Santander, we offer CDs through our existing branch network and will be making them available through our Openbank US platform later this year to help customers grow their savings and reach their goals.' The Right Banking Partner Can Support Goals and Build Confidence Most consumers (82%) agree choosing the right financial provider is key to achieving their savings goals. While many are not earning a competitive rate, digital banking options are seen as offering more attractive rates on savings, and more than eight in 10 (82%) would consider using a digital banking option as their primary provider. When selecting one, consumers would prioritize access to core products such as checking/debit accounts, credit cards, savings accounts, high-yield savings, and personal loans. Additionally, 70% say they would feel more confident using a digital banking option if it also had physical locations, even if none were nearby, as bank branches continue to serve as a powerful symbol of stability and trust. 'Consumers are telling us they want the best of both worlds—competitive digital offerings paired with the confidence that comes from the backing of a financially strong bank with a physical presence,' Bhatia said. 'As we expand into a full-service digital bank with branches, we're focused on delivering strong savings and lending solutions, seamless digital experiences, and outstanding customer service that matter to consumers as they strive to reach their financial goals.' Better Habits Support Better Savings Outcomes The survey also found that proactive planning leads to better savings outcomes. Consumers with defined savings goals and budgets were significantly more likely to grow their savings in Q2. Among those who met their savings goals, some top strategies included reducing spending (48%), sticking to a strict budget (41%), and using automated transfers from a paycheck or checking account into a savings account (24%). Using higher-yielding deposit accounts also correlates with stronger savings results. Seven in 10 consumers with accounts such as high-yield savings accounts or CDs increased their savings since the start of the year, compared to just 38% of those without. Similarly, 68% of high-yield accountholders met their savings goals in the first half of the year, more than double the 32% of non-users. Methodology This research on growing personal savings, conducted by Morning Consult on behalf of Santander Bank, surveyed 2,276 American adults. This Q2 study was conducted between June 27 – June 29, 2025. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. This data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region, and education. Monthly measures were based on additional monthly survey pulses, conducted by Morning Consult on behalf of Santander Bank, of approximately 2,200 American adults per month. The monthly iterations were conducted April 16 – 18, May 15 – 18, and June 16 – 19, 2025 to measure month-over-month changes. Each monthly survey was conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. The full report and more information about the Santander Bank, N.A. survey can be found here. About Santander Bank, N.A. Santander Bank, N.A. is one of the country's leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank's more than 4,400 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, and Florida. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN), recognized as one of the world's most admired companies by Fortune Magazine in 2025, with approximately 176 million customers in the U.S., Europe, and Latin America. Santander Bank is overseen by Santander Holdings USA, Inc., Banco Santander's intermediate holding company in the U.S. For more information on Santander Bank, please visit Openbank in the United States is a division of Santander Bank, N.A., which is a Member of FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit
CNBC
2 hours ago
- CNBC
Here's what's keeping home buyers on the sidelines even as mortgage rates hit a 10-month low
Lorene Cowan, 44, thought she would own a home by now. However, in New York City, where Cowan lives and works, home prices have soared beyond reach. "I would love to buy a home, that's the next step," said Cowan, a business and life coach. But "in New York, the entry in became so much more difficult," she said. In fact, New York notched the highest annual gain of all the metropolises in the latest Case-Shiller 20-city composite, up 7.4% in May compared to the prior year. The median listing price of a home in New York City is now more than $829,000, up 3.8% year over year, according to More from Personal Finance:Mortgage rates have made a 'substantial improvement'Fewer young adults reach key life, money milestones'Job hugging' has replaced job-hopping, consultants say In recent years, rising prices have made it harder for first-time home buyers to enter the market nearly nationwide, causing many millennials like Cowan to delay that traditional milestone. With record-high home prices and limited inventory, even a recent drop in mortgage rates has done little to change that affordability equation. "This is holding back first-time home buyers from entering the market," Lawrence Yun, chief economist of the National Association of Realtors, said in a recent statement. Across the country, the median age of first-time homeowners is now 38 years old, an all-time high, according to a 2024 report by the National Association of Realtors. In the 1980s, the typical first-time buyer was in their late 20s. And first-time buyers currently make up just 24% of the market, the lowest share on record, according to NAR. Millennials and Gen Z still believe in the dream of homeownership as a wealth-building opportunity and an achievement, said Matt Vernon, head of consumer lending at Bank of America. "It's just taking longer for them." Higher mortgage rates have also helped keep first-time homebuyers on the sidelines. Although mortgage rates fell to their lowest level since October, the average rate for a 30-year, fixed-rate mortgage is still just above 6.5%, according to Freddie Mac — a big leap from the below-3% levels near the start of the pandemic. "The American consumer has gotten very used to the low-rate environment that has spanned over a decade," said Bank of America's Vernon. According to Bank of America's latest homebuyer insights study, 60% of current homeowners and prospective buyers — a three-year high — said they're unsure whether now is the right time to buy. "Not knowing if rates are going to come down or go up is adding to the uncertainty in the marketplace," Vernon said. Where rates could be headed is key. Fed Chair Jerome Powell said at a news conference in July that the Federal Reserve hadn't yet determined whether it would cut its benchmark rate at its September meeting. However, even if the central bank does cut rates, "it's not a guarantee that mortgage rates are going to fall and make housing more affordable," said Ashley Weeks, a wealth strategist at TD Wealth. "Mortgage rates are more directly tied to the 10-year Treasury, so it's entirely possible mortgage rates remain flat or even increase regardless of where the Fed moves in September," Weeks said. Still, many believe lower rates will come and that will help ease the housing affordability problem. Roughly 75% of prospective homebuyers expect home prices and interest rates to fall and are waiting until then to buy a new home, Bank of America also found in its survey of 2,000 adults in March and April. About one-third, or 32%, of Americans said they would need mortgage rates to fall below 6% to feel comfortable buying this year, according to another recent report by Bankrate. However, more than half — 51% — of those polled said they wouldn't buy this year at any mortgage rate, a whopping 13-percentage point jump from Bankrate's 2024 survey.
