Financing study highlights aspirations of young banking account holders

Tue, 05 Jun 2007

More than two-thirds of young people are aiming to receive a top salary before they reach their mid-30s, according to a new financing study that reveals the aspirations of many youthful banking customers.

A survey of 16 to 21-year-old professionals from financial services provider Alliance & Leicester Current Accounts has revealed that 67 per cent hope to earn £40,000 a year by the time they are 35 years old.

In order to target this aspirational demographic, the financial services company has launched the new Premier 21 Current Account, which features 24-hour online banking services and an interest rate of ten per cent on credit balances.

Commenting on the decision to launch the banking account, Helen Palmer, current accounts manager at Alliance & Leicester, has argued that the rest of the banking industry needs to reassess its priorities when designing services for young adults.

"Many high street banks overlook the needs of 16 to 21-year-olds who have chosen to kick start their working life, rather than go to university," she claimed.

Recently, financial services provider Abbey Current Accounts published the findings of a study into which regions tend to be most secretive about banking.

The north-east of England had a greater proportion of people with current accounts that are hidden from partners than any other area, according to the research.

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