Latest news with #HSBCUK
Daily Mirror
2 days ago
- Business
- Daily Mirror
Young Brits issued stark warning as nearly a quarter turn to TikTok money advice
A survey from HSBC UK and the national education charity, Young Enterprise, reveals that Gen Z feel judged about how they manage money, leading some to turn to unreliable sources for financial advice New research suggests that Gen Z feel judged by parents, friends and social media about how they handle their money. Despite a strong digital fluency and desire for greater financial literacy, the younger generation is dealing with low confidence and misinformation when it comes to personal finances. Survey findings from HSBC UK and national education charity Young Enterprise reveals that while half of Gen Z respondents are actively saving, 67% say they feel judged or embarrassed about how they handle their money - predominantly by their family. That compares to 33% of the wider UK population, exposing a generational 'shame gap' between young and older generations. . The survey also highlights that Gen Z does not feel particularly supported in their attempts to become more financially literate, especially by their schools. Only 13% of Gen Z respondents said they would turn to their school or university as a top source for money management education. This lack of formal financial education is leading Gen Z to seek less reliable sources of financial advice. Nearly a quarter of Gen Z respondents say they have turned to social media influencers for financial advice in the last year - almost double the UK average. According to the study this trend is not indicative of financial carelessness, but rather 'reveals the consequences of growing up without reliable financial education'. Sarah Porretta, CEO of Young Enterprise, said: 'The myth that young people are careless with money just doesn't hold up. Gen Z wants to be financially capable, but they don't feel supported…Teachers are doing their best in a crowded curriculum, but they need more support too – we can't expect them to tackle this challenge alone.' Research indicates that parents are paying the price for the lack of formal financial education. According to research commissioned by Moneyfarm, 84% of British parents said that their child would have access to money that they saved for them when they turned 18 - with the average amount being £23,000. While social media is not the most reliable source of financial information, it is helping younger generations fight the stigma about discussing their personal finances. The dying stigma is also enabling Gen Z to make more informed financial decisions, negotiate better salaries and encourage financial equity. Help us improve our content by completing the survey below. We'd love to hear from you! Additionally, a 2025 consumer survey from Intuit revealed 58% of 18-35-year-olds are integrating financial management into their overall wellness routines. The report confirms that the declining stigma actually encourages 'a holistic view of wealth that aligns with personal values and long-term life satisfaction.' But as the research highlights, it is up to more than parents and teens to prioritise financial education. This past March, Conservative MP Peter Bedford brought forward a motion in Parliament to introduce a bill to make provisions around financial education in primary schools and tertiary education. Speaking in Parliament on the issue, Bedford said: "Schools should prepare young people for the adult world. Yet for all the focus on balancing an equation, there is no attention given to balancing one's bank are sending our young people out into the world and putting them into the game of life without even teaching them the rules first."
Scotsman
28-05-2025
- Business
- Scotsman
Edinburgh Startups at risk: one third lack essential resources for growth
30% of Edinburgh entrepreneurs cite a lack of resources and support as one of the biggest hurdles for launching a startup business HSBC UK launches its Small Business Growth Programme with free support for UK startups – pledging to reach one million businesses in 12 months Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A lack of access to critical resources is placing Edinburgh startup businesses at risk, according to new research from HSBC UK. The data, taken from a survey of 1,000 UK entrepreneurs*, found that 30% of Edinburgh founders lack the resources and support they need to start their business. Advertisement Hide Ad Advertisement Hide Ad The primary areas where more support is needed are online resources (36%), technology and innovation (34%) and financial support and investment (28%). Over a quarter (28%) also cited access to mentoring as a basic requirement for beginning a business. Tom Wood, Head of Business Banking, HSBC UK The research coincides with the launch of HSBC UK's 'Small Business Growth Programme'. Working in partnership with Microsoft, UpSkill Universe, and WIRED, HSBC UK seeks to support small businesses in their first year and beyond by sharing key resources. Even after starting a business, 16% of Edinburgh founders continue to struggle, with 5% stating the sources of advice and support they have used don't meet their full needs. HSBC UK's Small Business Growth Programme, which is open to both customers and non-customers, offers free tools, training and webinars designed to boost financial resilience and growth. Advertisement Hide Ad Advertisement Hide Ad Tom Wood, Head of Business Banking at HSBC UK, said: 'Whilst we're seeing growth in the number of British startups, it's concerning to see many of those believe their future is uncertain due to access to the right support. 'Launching a new business can be in equal parts rewarding and stressful. We need to see more collaboration between Government and industry to create accessible tools and tailored advice to help propel startups to success. 'By offering practical tools, training and expert-led webinars, we hope to boost the financial resilience and growth of these businesses when they need it most – that's why we're pledging to reach one million businesses in the initiative's first year, showcasing HSBC UK's commitment to supporting entrepreneurs at every stage.'
The Independent
28-05-2025
- Business
- The Independent
HSBC UK offers ‘VIP experience' incentive worth over £500 for affluent customers
Competition between major banks to attract affluent customers has intensified, with HSBC UK launching a switching incentive for new Premier customers. The promotion rewards new customers with a 'VIP shopping experience' at Selfridges stores nationwide, including a £500 gift card and other perks. It is available for customers who meet qualifying criteria, including having a £100,000-plus salary and completing a full switch to the bank's Premier account through the Current Account Switch Service (Cass). HSBC relaunched its Premier account in February. The bank said the account gives qualifying customers access to new and enhanced benefits focused on key themes of wealth, international, travel and health. Sabine Fichaux, head of customer propositions at HSBC UK, said: 'We have redesigned our Premier offering to ensure our perks and benefits echo what our customers want from a premium bank account, all still without a monthly fee.' The 'limited time' switching offer excludes existing HSBC and First Direct current account customers and is available to UK residents only. Full switches using Cass must be completed by August 12 2025. Eligible customers will be sent an email on or after November 9 2025 to claim their gift card. Last week, Lloyds Bank launched an account aimed at people with income or assets of more than £100,000. Lloyds' offer of an account combining financial perks with 'premium lifestyle services' is part of its moves to grow its presence in this part of the market. The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits.
Yahoo
28-05-2025
- Business
- Yahoo
HSBC UK offers ‘VIP experience' incentive worth over £500 for affluent customers
Competition between major banks to attract affluent customers has intensified, with HSBC UK launching a switching incentive for new Premier customers. The promotion rewards new customers with a 'VIP shopping experience' at Selfridges stores nationwide, including a £500 gift card and other perks. It is available for customers who meet qualifying criteria, including having a £100,000-plus salary and completing a full switch to the bank's Premier account through the Current Account Switch Service (Cass). HSBC relaunched its Premier account in February. The bank said the account gives qualifying customers access to new and enhanced benefits focused on key themes of wealth, international, travel and health. Sabine Fichaux, head of customer propositions at HSBC UK, said: 'We have redesigned our Premier offering to ensure our perks and benefits echo what our customers want from a premium bank account, all still without a monthly fee.' The 'limited time' switching offer excludes existing HSBC and First Direct current account customers and is available to UK residents only. Full switches using Cass must be completed by August 12 2025. Eligible customers will be sent an email on or after November 9 2025 to claim their gift card. Last week, Lloyds Bank launched an account aimed at people with income or assets of more than £100,000. Lloyds' offer of an account combining financial perks with 'premium lifestyle services' is part of its moves to grow its presence in this part of the market. The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits. Sign in to access your portfolio
Time of India
22-05-2025
- Business
- Time of India
HSBC UK to employees: Start working from office or get ready for ...
HSBC UK has reportedly informed its retail banking staff that their annual bonuses could be reduced if they failed to meet in-office requirements, making it one of the latest major banks to tighten remote work policies. According to a report by The Independent, the company has sent a memo to its staff stating that those 'consistently not meeting 60 per cent office attendance will be considered in an individual's overall performance assessment, which could lead to variable pay being impacted'. HSBC UK links office attendance with bonuses HSBC UK, which employs around 24,000 people across its high street and commercial bank divisions around Britain, already has a hybrid working policy requiring employees to work from office three-days a week. As per the memo, the bank's policy requiring its staff to spend at least 60% of their time in the office or with customers—will directly impact performance reviews and bonus payouts. What can gets you BANNED on Twitch? The Kanye West Incident Explained! The updated directive applies to all employees with office-based contracts. 'The introduction of the data-led attendance role call is intended to support management in overseeing compliance with it,' the report stated. Lloyds Banking Group, JP Morgan Chase and others roll back remote work policies Notably, HSBC UK is not alone to introduce stricter remote work polices. The move follows similar actions by Lloyds Banking Group, which earlier tied senior executives' bonuses to office attendance. The move comes amid a broader shift among banks and corporate employers away from pandemic-era remote work flexibility. Globally, investment banks such as JPMorgan Chase, Barclays, and Citigroup have all rolled back remote working arrangements in recent months. JPMorgan CEO Jamie Dimon recently criticized remote work during a company town hall, while Citigroup shuttered its Málaga outpost known for offering junior bankers a better work-life balance. Other UK firms, including Big Four accounting giants PwC and EY, have also begun more closely tracking in-office presence. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
