July 14, 2021, LONDON – The Youth Group announced today that it has appointed Oliver Wyman as lead advisor to support its creation of the Youth Bank, an accessible and transparent 14-24-year-old-only digital bank.


The Youth Bank will be built to help young people reduce unwanted debt through simple financial education and financial care. It has an aim to improve young people’s finances early on and take young people out of poverty through education, monetary transparency and unparalleled support.

Applying its financial and technology expertise in building new digital banks, Oliver Wyman will help the Youth Bank navigate the UK’s dynamic banking landscape.

 

Jack Parsons, President, The Youth Group, says:

“There are roughly 9 million young people aged 14-24 in the UK and 30% of those are living in poverty. The Youth Bank has an aim to improve young people’s understanding of money and now is the time to fast-track our solution. We are delighted to have Oliver Wyman, one of the world’s leading financial services consulting firms, helping us on our journey towards making this a reality.”

Michael Harding, Head of Fintech Innovation, Oliver Wyman, adds:

“Young people urgently need financial support and education to improve their future. We are looking forward to working with the Youth Group on building the Youth Bank to help young people access earned pay and emergency funds with zero fees, and to create a springboard for financial health from the start of their adult lives.”

 

About The Youth Group
The Youth Group is the UK’s largest youth-first enterprise that helps young people thrive in today’s world. The Youth Group has a community of 1.7m young people and has helped over 90,000 young people into meaningful opportunities. For more information, visit www.theyouthgroup.com.


About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.