Digital Youth Banking: Facing the Future

Ruilin Zhu, Smita Paul and Ivan Muck

Chapter 11 in Fintech and Green Investment:Transforming Challenges into Opportunities, 2024, pp 313-334 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Despite the worldwide strides in advancing financial inclusion amongst the youth, a significant percentage of the population is still financially disadvantaged. While traditional banks have long offered basic financial services to the younger generations, a further opportunity has been spotted to provide better and slicker digital banking to tech-savvy kids and teenagers. This chapter summarises the ongoing development of Digital Youth Banking while highlighting its latest trends. It then explores challenges and opportunities relating to digital youth banking from the accessibility, practicability, and sustainability perspectives. This chapter further presents three exemplary cases to highlight the unleashed potential of digital youth banking from the traditional bank, neobank, and fintech points of view before setting out a series of recommendations to ramp up the endeavours towards financial inclusion of young people in society.

Keywords: Fintech; New Institutional Economics; Climate Change; Commons; Financialization; Distributed Ledger Technology; Neoliberalism; Trilemma; Securitisation; Blockchain; Sustainability; Innovation; Circular Economy; Implementation; Governance; Challenge; Security; Decentralization; Digital Currencies; Circular Economy; Environmental Accountancy; Food Loss; Food Security; Food Waste; Industrial Symbiosis; Material Flow Analysis; Waste Management; China; Green Growth; Digital Finance; Big Four; Coal; Sustainable Development; Bitcoin Mining; Proof-of-Work (PoW); Energy Consumption; Carbon; Footprint; Market Value; Investor Attention; Google Search Volume; Causality; Cardano Coin; Behavioural Finance; Green Cryptocurrencies; Proof-of-Stake (PoS); Energy Efficiency; Green Finance; DeFi; CeFi; Banking System; Financial System; Bank-based Systems; Market-based Systems; SMEs; Corporate Ownership; Cross-border Banking Flows; De Jure; De Facto Regulations; Green Banking; Environmental Risks; Green Finance Regulation; Green Finance Policies; Gender Equality; Financial Inclusion; Women; Climate Change; Environment; Inequality; Poverty; Central Bank Digital Currency (CBDC); Common Prosperity; Sustainable Democracy; Economic Inequality Elimination; COVID-19; Economic Perspectives; Interdisciplinary Study; Youth Banking; Unbanked; Underbanked; Neobank; Accessibility; Practicability; Financial Inclusion; Digital Technologies; Energy Sector; Financial Issues; Supply Chain Financing (search for similar items in EconPapers)
JEL-codes: G2 Q5 (search for similar items in EconPapers)
Date: 2024
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