During Mental Health Awareness Week, there was elevated dialogue regarding economic well-being – a subject increasingly being spoken about within the fintech community as inclusion becomes a greater focus for traditional monetary offerings players.
Recent feedback from Michael Kent, CEO of Azimo, pointed to a recent survey of an incredible 77 percent of U.K. Citizens pressured by money. “Rich or terrible, it appears that evidently, economic anxiety is part of contemporary existence,” Kent highlighted. Kent persevered: “The social and monetary value of pressure is huge. More than 1/2 one million people suffered from pressure in the U.K. in 2016/17, resulting in a loss of 12.5 million working days and a cost to the economic system of around £40bn. Stress is established to
harm the immune machine, reduce cognitive function, and increase negative decision-making, which may begin a vicious cycle of unwell health and economic worry.” The Azimo CEO highlighted how mental health had not been a concern for traditional financial establishments. However, this isn’t always unexpected, considering that intellectual fitness has been an “extraordinarily taboo subject in British society. But the technology of U.K. Fintech startups is putting intellectual health in the middle of their products.”
This is where monetary well-being comes in. While it’s crucial to maintain that everyone struggles with particular issues in unique methods, it’s clear that traditional players have left clients’ mental fitness by using the wayside. On the other hand, it can be argued that fintech companies have given the patron what they’ve requested – or tried to – and have attempted to reduce the stresses of commencing financial institution money owed, applying for loans, sending cash, etc. Historically, humans have tolerated insufficient financial offerings because switching companies may be challenging or intimidating. It’s a complete one-of-a-kind story for millennials, with 25-34-year-olds twice as likely to change banks as older generations. With intellectual health a pressing issue for many in the identical age group, it is no surprise that fintech startups are making intellectual fitness a component of their design technique,” Kent stated.
