Completed Project Case Study: FinTech, Financial Precarity, and Consumer Wellbeing 

Summary 

This project, led by Dr Reinhard Weisser from the University of the West of England in collaboration with FinTech West, explored how FinTech apps affect the financial well-being of young adults. The research provided valuable insights into usage patterns and gaps in inclusion, creating opportunities for designing more relevant and responsible financial technology. The pilot study established baseline insights and assessed a data collection strategy while also paving the way for new collaborative opportunities between industry and academia. 

The Challenge 

While FinTech apps promise to democratise access to finance, there’s growing concern that they may also contribute to risky behaviour or fail to reach those most in need. Young adults are especially vulnerable, with many facing debt and low savings, especially as the living costs are going up. Dr Weisser, along with FinTech West, identified a gap in understanding how these tools are used and whether they genuinely improve financial well-being. 

The Research Approach 

The project consisted of conducting a survey involving young adults across the UK, focusing on key areas such as income, spending, saving, and the usage of FinTech apps. In collaboration with FinTech West, they ensured that the questions were relevant to actual product design, gaining valuable industry insights. The study aimed to understand who uses FinTech apps, why some people decide not to use them, and how features like gamification affect behaviours related to risk-taking, confidence, and overall financial well-being. 

Key Findings 

• Baseline data established: Average monthly income: £1,350; 22% in financial difficulty. 

• Low adoption: Only 27% use FinTech apps for budgeting/investment. 

• Significant gender gap: Nearly half of men use these apps, compared with just 1 in 10 women. 

• Main barrier: relevance (77%), not cost or usability. 

• Confidence vs. risk: App users are more confident and are more willing to take risks. 

The Impact 

For Young People:  

The research creates awareness of the risks linked to certain design features, supports financial literacy, and highlights the need for more inclusive tools, especially for women and low-income users.  

Other outcomes from the research are: 

• Provided a baseline understanding of how young adults manage money and perceive FinTech tools. 

• Raised awareness of the risks of gamification and features that may encourage unhealthy financial behaviours. 

• Identified inclusion gaps, particularly for women and low-income users, pointing to areas where FinTech could have the most social impact. 

• Encouraged conversations with young people around embedding financial literacy tools into app design. 

For Industry:  

The findings give product teams clear priorities for making apps more relevant and trusted, and offer evidence for embedding safe, educational design elements.  

Other benefits and impact from the research are: 

• Delivered evidence-based guidance to make apps more relevant and inclusive for underrepresented users. 

• Highlighted market opportunities to expand user bases by addressing non-use barriers. 

• Positioned FinTech apps as potential trusted sources of advice in a landscape where many young people rely on potentially unreliable peer or online information. 

• Informed future design, marketing, and user engagement strategies. 

Collaboration

This project was made possible through a partnership between the University of the West of England and FinTech West, supported by UKFin+. The collaboration ensured that academic insight was closely aligned with industry needs, producing findings that were immediately relevant to product teams and policy discussions. By creating space for open dialogue, the project strengthened trust between researchers and industry, showing the value of working together to tackle complex issues such as financial precarity and digital inclusion. 

Going Forward

The research highlights the need for FinTech apps to move beyond gamified features and focus on real relevance for users, especially women and lower-income groups who remain underserved. Making apps more inclusive and practical could help young adults build financial confidence, accumulate savings, and improve their overall well-being. Going forward, success will depend on stronger co-design with a wider range of stakeholders and clearer pathways to integrate insights directly into product development, ensuring these tools become trusted, impactful supports rather than niche or entertainment-driven add-ons. 

Link for published Project Summary: 

Project documentation: FinTech, Financial Precarity, and Consumer Wellbeing