The FINANCIAL — New research from Barclays has today revealed that over a third of millennials (37 per cent) are suffering from FOFO (Fear of Finding Out), meaning they are consistently nervous of checking their bank balance.
Research shows that FOFO hits hardest each month just after direct debits have been taken out, with 23 per cent of young Brits saying this is the date they dread checking their balance the most. 11 per cent also revealed they are scared to look the morning after a night out.
The research also showed that despite having the best intentions – 70 per cent of millennials said they set themselves a monthly budget, compared to just 37 per cent of other generations – money is still a concern. Over a quarter of millennials (27 per cent) admitted feeling panicked by how easily they lost track of their spending through the month – almost double that of older generations (15 per cent) and nearly half (43 per cent) of millennials admitted they had lost sleep over the state of their finances.
To help millennials break free of FOFO and keep control of their finances, Barclays is piloting a new mentoring programme. The trial scheme aims to strip away the stigma of asking money-related questions, and boost financial health and confidence by offering millennials access to informal one-to-one sessions with specially-trained colleagues through Barclays video call – which offers the flexibility of booking a session any time between 8am – 8pm, Monday to Friday – and in selected branches across the UK.
All millennials, whether they are a Barclays customer or not, will be able to book a free session through a participating branch which they can use to chat through anything from current spending dilemmas, to how to reach future goals – or, simply get the answers to general questions from ‘what is an ISA?’ to ‘what is the process for buying your first home?’. In turn, they will receive practical top tips and guidance, as well as straightforward, open answers to all the questions that have been playing on their mind, no matter how big or small.