DISSERTATION FINAL - The complex relationship between young adults and financial services

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‘The complex relationship between young adults and financial services’.
A dissertation submitted to the Liverpool Hope University for the degree of
Master of Science in Business and Management in the Faculty of the Sciences
and Social Sciences.
John Andrew Sellars
11010989

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Acknowledgements.
The researcher would like to thank all of the participants who agreed to take part in this
study. This study would simply not have been possible without their contributions and
feedback regarding their relationship and experiences with finance and the financial services
industry.
The researcher would like to particularly thank Dr. Jan Brown of the Liverpool Hope
University Business School, for her continued supervision and guidance throughout the
conduct of this research. Once again, this study would simply not have been possible without
such valuable support.

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Abstract.
The relationship between young adults, specifically the 21 – 31 age group, and the financial
services industry is an area of importance, particularly during a period of economic
instability. However, such an area of research on the 21 – 31 year old age group is sparse.
Prior literature has focused upon the young or elderly consumer groups. This study considers
the vulnerability of the young adult age group within a sample of postgraduate students based
in the United Kingdom. This research study has found that the young adult group is highly
astute in managing their finances, but still demonstrates a degree of vulnerability to the
marketing practices commonly used within this industry. This research proposes that
educating consumers would be highly beneficial in assisting young adults in managing their
finances, whilst increasing their overall awareness of the industry. Marketers within the
financial services industry should also make information easier for this consumer group to
understand. These changes should implemented in order to address the current issues between
young adults and the financial services industry.

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Table of Contents.
1. Introduction ……………………………………………………………….. 1
2. Literature Review …………………………………………………………. 3
3. Methodology ……………………………………………………………… 13
4. Discussion of Results ……………………………………………………... 23
5. Findings …………………………………………………………………… 30
6. Conclusion ………………………………………………………………… 34
7. References ………………………………………………………………… 38
8. Appendix ………………………………………………………………….
8.1 Letter to Participants 46
8.2 Article 1: Credit Card Invitation 47
8.3 Table 1: Transcripts from participant interviews, Question One. 48
8.4 Table 2: Transcripts from participant interviews, Question Two. 49
8.5 Table 3: Transcripts from participant interviews, Question Three. 51
8.6 Table 4: Transcripts from participant interviews, Question Four. 52
8.7 Table 5: Transcripts from participant interviews, Question Five. 53
8.8 Table 6: Transcripts from participant interviews, Question Six. 54

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Chapter 1: Introduction.
This research study intends to examine the complex relationships between young adults, aged
21 – 31, and the financial services industry. Prior literature has focused on the conduct
financial companies towards vulnerable consumer groups. Interest within the area of research
has grown enormously over the past decade, particularly upon the marketing of harmful
products and goods towards children. In the economic climate of the recent recession, young
adults are also potentially a vulnerable consumer group, particularly with regards to the sales
of financial services and securities. In this study, vulnerability is defined as ‘exposed to being
attacked or harmed’ (Soanes, 2003). Goods previously seen as luxuries, such as high value
branded items, have become expected possessions.
The emergence of short-term loan companies or ‘pay day loans’ over the past several years
has demonstrated the sheer demand and in many cases, the desperation of consumers
(Butterworth, 2010). The majority of these short-term financial providers charge vast
percentage rates, often around several thousand percent (BBC News, 2012; Wonga.com,
2012). These companies now advertise on television to a wide market audience. There is a
general lack of basic understanding on behalf of consumers in this area; many consumers are
in fact agreeing to loans and other financial services, of which they have little knowledge. On
this basis, the question must be raised as to why consumers, particularly young adults, are
agreeing to financial products that are likely to require efforts to repay or fail to meet their
original demands. It should be investigated whether financial companies are pressurising
consumers to accept inadequate or excessive financial services and to not question their long-
term effects, therefore being misleading in their practices. Short-term desires could result in
long-term financial problems.
This study proposes to gain an overview of how the 21 – 31 age group manage their finances
and how they use financial services. In order to gain a thorough understanding of such
information, the behavioural tendencies of young adults must also be examined. These
findings will also be of use in testing their overall reliance on financial services and also
reviewing how vulnerable they are to the marketers acting within this industry. Such
information will be valuable, considering that research into the area of this age group has
been neglected, particularly in relation to the financial services industry in the United
Kingdom. This study will be conducted by interviewing postgraduate students who are
enrolled at the Liverpool Hope University Business School in the United Kingdom. This

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sample group will be between 21 – 31 years of age. The findings will be compared with
reviewed literature and recommendations will be made of how the young adult age group can
deal with finance and the financial services industry; and how this industry can improve its
relationship with its young adult consumer group.

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Chapter 2: Literature Review.
The general practice of the financial sector has been a topic of interest in journal articles over
the past decade. A research journal conducted by Lewis et al. (1994) recognised the
importance of the relationship of banks and building societies between students. It sought to
provide an overview of students’ perceptions of the financial industry and if their
expectations as consumers had been met to a satisfactory level. Key concerns over the
general practice of the banking sector towards student consumers were raised, such as unclear
terms and conditions and if financial services could be tailored to individual needs.
Individuals who were in debt were generally of a younger age (Livingstone and Lunt, 1992).
Research within the relationship of financial providers and consumers mostly focuses upon
consumer behavioural habits (Warwick and Mansfield, 2000; Kropp et al., 2003).
Understanding the impulsive behaviour of young consumers, as identified within a study of
Australian young adults between the ages of 17 – 29, discovered that the excessive use of
credit card loans were largely due to the pressures of modern society (Phau and Woo, 2008).
Consumers of an older age were typically less likely to be susceptible to being influenced by
society (Park and Lessig 1977). Taking this into account, young consumers are essentially a
vulnerable consumer group, particularly in the realm of financial services and can therefore
potentially be open to exploitation. Young consumers also held a high degree of trust in
financial services in comparison to other consumer groups (Bennett and Kottasz, 2011).
Consumer behaviour is an area of particular importance whilst investigating the relationship
between financial services and young consumer groups. As identified in the research of Phau
and Woo (2008), it was discovered that there was a strong link between the compulsive and
impulsive tendencies of young Australian adults and credit card debt. Young adults have been
found to possess compulsive and impulsive tendencies, particularly with regards to
purchases, as a consequence of low self-esteem amongst the consumer group (Kropp et al.,
2005). This is a concerning issue, as it would suggest that young consumers are particularly
vulnerable to financial services as they are more likely to become in debt and also have a lack
of a basic understanding of personal finance and are financially illiterate (Warwick and
Mansfield, 2000; Braunsberger, et al. 2004; Worthington, 2006). Where young adults are
particularly vulnerable to issues of self-esteem, the importance of purchasing non-essential
goods may overtake the importance of essential goods and thus the overall avoidance of debt
(Penman and McNeill, 2008). The culture of the environment that surrounds the young

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consumer groups means that materialistic purchases are used to measure success. This
materialistic and often impulsive behaviour can be fulfilled by easy access to credit and debit
cards (Penman and McNeill, 2008). Young adults are believed to have difficulty in not only
understanding the nature of credit agreements, but also in making mature decisions about
credit overall (Warwick and Mansfield, 2000). The study of Penman and McNeill (2008)
found that 18 – 25 year olds demonstrated a relaxed attitude to debt and consumer
purchasing, with a strong emphasis on self-reward and instant gratification. A hedonic
experience was sought by young adults regardless of the long-term implications.
The market audience of financial services is widespread, relating to consumers of all different
age groups. Lewis et al. (1994) identified that young people were a key target consumer
group for the sales of personal financial services. There is the assumption by financial
companies that consumers are generally going to stay with their chosen providers for a long
period of time (Barnes and Howlett, 1998). Taking this into account, an alarming pattern
emerges from the literature within this area, as it is generally thought that consumers do not
know when they are being mis-sold products that do not address their original financial needs
(Jones and Middleton, 2006). Young consumers could be with a financial provider for a long
period of time, but not necessarily out of choice but as a consequence of endeavouring to
make payments. Literature focusing on the marketing of financial services addresses
pressurising tactics used by financial providers (Diacon and Ennew, 1996). In relation to
young adults, the combination of compulsive tendencies and low self-esteem with forceful or
misleading marketing techniques would highlight the sheer vulnerability of young adults to
the sales of financial products.
Nga, et al. (2010) discuss consumer decision-making process models in evaluating the
relationship between young adults and financial services. Individuals research and interpret
information by adopting a range of economic, passive, cognitive and emotional process
models (Schiffman and Kanuk, 2007). The economic process model assures the individual as
a rational utility maximising agent equipped with all available information, such as product
and services alternatives and the knowledge necessary to make the right choices. Yet, Ariely
(2008) believes that the element of behavioural economics takes into account that individuals
are not always rational and that emotions can affect financial decision-making, such as
impulsive tendencies and issues of self-esteem. The cognitive perspective assures that the
consumer researches relevant information prior to making their purchases or financial
decision. However, the large amount of diverse and complex information regarding finance

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may lead to ‘analysis by paralysis’ (Rotfeld, 2008; Harrison et al., 2006). So much
information is often overwhelming for consumers, leading them to resort basing their
decisions upon perceived trustworthiness and brand heuristics of financial institutions and
therefore not making rational decisions (Rotfeld, 2008). Taking this into account, consumer
trust is critical as it plays a pivotal role in financial decisions in young adults.
Gaining a perspective of the environment surrounding the financial industry as a whole is
especially important in evaluating their practices and their impact on consumer groups. The
effects of the recent recession have made the environment of the financial sector turbulent
and uncertain for both consumers and companies alike. The research of Bennett and Kottasz
(2012) found that the public’s general attitude towards the banking industry in the United
Kingdom following the global financial crisis hugely differed from before the recession.
However, it was the consumer groups from a lower income whose perspectives changed to a
higher degree. The recession has opened up opportunities to new competitors on the market,
who are not necessarily banking companies – “banking is essential to a modern economy;
banks are not” (Worthington and Welch, 2011, pp. 190 - 91). The impact of the recession has
meant that consumers are more likely to join new entrants to the market, many of whom
already have recognisable household names, such as Tesco and Virgin (Worthington and
Welch, 2011).
The protective upbringing of young adults has contributed to their inability to make
decisions, particularly with regards to financial services (Herbig and Borstorff 1995; Heaney
2007). According to Nga, et al. (2010), many college and undergraduate students in the
United Kingdom, United States and Australia possess low financial knowledge. This results
to high levels of debts in young adults, an increase in the risk of bankruptcy and leaves this
group to be lacking in any retirement planning skills. The Barclays Annual Graduate Survey
(Barclays 2005; Marriot 2007) indicated that the average debt levels of university graduates
had risen consistently over a ten-year period from £2,212 in 1994, to £13,501 in 2004.
The majority of consumer behaviour is goal-directed (Bagozzi and Dholakia, 1999). These
goals can be represented in a number of fashions, such as the marketing of durables (items
such as buying a computer for the purpose of managing a business), nondurables (finding a
product that fits a particular criteria), services and ideas or persons (such as voting for a
specific candidate in an election). Such goal-setting can even be found in the daily routines of
organisations, such as finding products that are within a set budget. Consumers make

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purchases to produce an end-state goal (Bagozzi and Dholakia, 1999). In the case of the
financial services industry, consumers make financial decisions, often purchases, to fulfil
their basic needs or luxury lifestyles.
Gaining an understanding of how consumers are susceptible to their impulses and desires is
of great importance in assessing their overall vulnerability to the marketing tactics of
financial companies. Welscher, et al. (2002) found that despite the belief that many people
are capable of controlling their impulses and desires, 44 percent of American students across
undergraduate colleges indulged in binge drinking, due to these traits of impulsive behaviour.
This would suggest that a considerable number of young adults are in fact unable to control
their impulsive behaviour and engaging in activities that are of potential danger. Such
impulsive behaviour could arise from a tendency to overvalue benefits and to undervalue
long-term consequences (Puri, 1996). In the context of financial services, young adult
consumers could for example see a large benefit in the purchase of an expensive item, but
would fail to consider the long-term consequence of paying for an item on a credit card,
leading to debt. Ramanathan and Menon (2006) suggest that the demonstration of such
impulsive behaviour is driven by hedonic or pleasure-seeking goals. Rook (1987) refers to
impulse buying as being based upon the presence of an immediate stimulus object, often
being accompanied by feelings of excitement and pleasure, or a powerful urge to buy. In
moderation, engaging in impulse buying can be of an enjoyable nature to an individual, but
has the potential to be damaging, especially if accompanied by emotional states such as low
self-esteem (Silvera et al., 2008). Impulsive buying could also be regarded as a self-
regulatory mechanism to reduce negative feeling by an individual (Verplanken et al., 2005).
The value of self-esteem plays a pivotal role in both the role of impulsive behaviour and the
vulnerability of consumers to marketing tactics. Cox and Bauer (1964) associate individuals
of low self-esteem to be prone to being influenced from others. It has also been related to a
number of psychological constructs (Silvera et al., 2008); such as depression (Dori and
Overholser, 1999), reactions to success and failure (Dutton and Brown, 1997) and attachment
(Roberts, et al., 1996).
The root cause of spending behavioural tendencies can often be found in the psychological
side of an individual. Childhood experiences for instance can form the basis for attitudes
towards finance later in adult life (Carrier and Maurice, 1998). For example, if a child has
been raised in a household with a negligent approach towards finance, then they could form a

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relaxed attitude towards the spending of money and not consider the long-term effects that it
could cause. Spending behaviours could on this basis be regarded as a learned behaviour that
if passed on from generation to generation, often by parents and other influential figures
within an individual’s life (Carrier and Maurice, 1998; Valence et al., 1988). On another
level, a similar theory could be applied to individuals who have at some stage damaged their
ego. The compulsive spending behaviour could act as an anaesthetic or provide them with an
identity of purpose, thus giving them systematic relief of any emotional issues; the act of
buying provides them with the feeling of importance, fulfilment and makes them feel
attractive (Kaye, 1991; Fierman, 1995). Taking this school of thought into account,
consumers who fit into this category are vulnerable to excessive use of financial services such
as credit cards, as they are unable to rationalise with temporary systematic relief gained
whilst making a purchase, alongside the long-term effects of paying off for their actions.
An area of media attention over recent years has been that of the student loans systems. In the
United States, student debt is rising sharply amongst all age groups. Yet, it appears to be
causing the most trouble for Americans who are middle-aged (Mitchell, 2012). Nga, et al.
(2010) believe that there is a worrying trend in the lack of financial awareness of financial
planning concepts and products amongst today’s youths. A low level of financial knowledge
is particularly possessed by those within the United Kingdom, United States and Australia.
Their study found that the level of education and degrees undertaken by youths significantly
influenced their general financial awareness (Nga, et al., 2010; Worthington, 2006). The
study also proposed that there is a need for university level students to have financial
awareness schemes implemented into their education programme, regardless of their degree.
Therefore a good financial knowledge should be encouraged from an early age through
educational institutions (Kozup and Hogarth, 2008). The literature stressed that greater
dialogue between parents, educators, financial institutions and policy makers needs to be
encouraged.
“Human minds have evolved to deal with what is essentially a social one” (Wright, 2002, p.
679). Throughout this process, some critical domain-specific mechanisms that are
functionally specialised to solve particular adaptive problems have been created, in this
research that problem could be identified as assessing the influence and choice of financial
services. Wright (2002) notes two extremes at opposite ends of the spectrum; people choose
inanimate objects (physical products) that are presented to them in a context where the
presenter is not represented as a skilful, cunning practitioner of a manipulative marketing

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strategy. Typically, domain-specific mechanisms will not assume that the presenter is
automatically engaging in manipulative intent; for example, selling a misleading financial
service to the consumer.
The majority of literature that focuses on the behavioural conduct of financial services
towards a specific adult age group is based upon the vulnerable and elderly. Such literature
does not assume that young adults fit into the criteria of vulnerable adults. Whilst young
adults will generally not demonstrate any obvious behaviour that would suggest that they are
vulnerable, academic literature does not take into account the situation that many of these
individuals are in. Therefore the marketing of financial services towards young adults is
simply not as cautious. Research into this field by Gaeth and Heath (1987) examined the
cognitive processing of misleading marketing information to both young and elderly adults.
In this context, misleading was identified as a ‘discrepancy between the functional
performance of a product and the consumer’s beliefs generated by the advertisement’ (Gaeth
and Heath, 1987, p. 43). Early research (Harris, 1977; Harris, et al., 1979; Harris, et al.,
1981) found that in adults of college age, any information that was pragmatically suggested
was generally understood as being fact, without questioning the legitimacy of the source.
Harris (1983) found that young adults tended to confuse pragmatic implications with those of
direct assertions from 55 to 80 percent of the time. Such early research clearly indicates that
young adults vulnerable to information that was provided to them, despite being enrolled in
an institution of higher education. Although young adults show a high level of scepticism,
they were equally as susceptible to misleading statements with the elderly (Gaeth and Heath,
1987).
Such research is limited within this particular field and was conducted prior to the use of
alternative marketing such as social media. Early studies highlight that there is a cause for
concern in the relationship between the behaviour of young adult consumers and the practices
of marketers. Participants of the studies were generally well educated yet were still clearly
prone to exploitation. On this basis, it would be wrong to assume that general intelligence
plays a role in the degree of consumer vulnerability of young adults. However, specific
educational training to both young adults and the elderly could be beneficial in reducing the
amplitude of risk to exploitation (Gaeth and Heath, 1987).
The study of Amine (1996) suggests that the lack of ‘moral champions’ in business marketing
can be attributed to the overall profit motive and to the ‘ugly face of capitalism’. In the early

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1960s, the ‘Consumer Bill of Rights’ in the United States defined four basic rights; right to
safety; the right to be informed; the right to choose; and the right to be heard (Amine, 1996,
p. 82). Whilst such a bill offers a reasonable degree of consumer protection, it assumes that
the individuals are willing to be involved in both the purchase and consumption of a product
or service (Peter and Olson, 1993). The application of this assumption to young adult
consumers in the financial services industry could arguably not be the case; the literature
reviewed within this field proposes that this consumer group does not possess the necessary
cognitive ability in order to defend their rights. Taking such policy into consideration, it is
clear that young adults are generally not regarded as a vulnerable consumer group, but the
behavioural tendencies identified within the limited literature suggest the contrary.
The global financial crisis of 2007 – 2009 was arguably the largest financial crisis to occur
since the Wall Street Crash of 1929; leading to the Great Depression (Akinbami, 2011).
Alongside the clear inadequacy of corporate governance from within the financial industry,
there have been examples of financial practitioners acting by means that were detrimental to
others, such as the misselling of financial products (Akinbami, 2011; Gray, 2004). In many
cases, financial service providers are able to exploit an advantage over their consumers due to
their expertise knowledge of the industry. Therefore, consumer protection regulation is highly
important in ensuring that honest conduct is practiced throughout the financial services
industry.
The study of Akinbami (2011) proposes two different approaches to the regulation of
financial services; non-interventionist and interventionist. Non-interventionist approaches
encourage a competitive market and heavily rely upon private enforcement mechanisms
(Polinsky and Shavell, 2000). This approach is supported by the ‘Chicago School’ of
economic thought. It is the belief of this theory that private governing bodies are more
effective in comparison to those of any other arrangement (Friedman, 1974; Friedman and
Friedman, 2002). The non-interventionist approach is based upon Rational Choice Theory.
Rational Choice Theory proposes that humans are maximisers of their satisfaction when
encountering a set of choices (Posner, 1990); thus they will make a good decision. In many
regards, such a school of thought is idealistic and in reality is simply impractical. The
literature examining consumer behaviour, especially that of young adults, suggests that
satisfaction can often be impulsive and irrational; and therefore does not adequately assess
the overall advantages and disadvantages of a decision. Rational Choice Theory also is also
based upon the assumption that the consumer is provided with both sufficient and correct

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information. Literature reviewed within the field of consumer behaviour of young adults
would suggest that Rational Choice Theory is entirely unsuitable as a regulatory measure,
particularly in finance.
On the other hand, the interventionist approaches to regulation favours governmental
regulators being involved in the protection of consumers. Whilst this could be regarded as
being restrictive, it could favour young adult consumers; as it would in theory, ensure that
consumers are adequately protected by legal means in comparison with the non-
interventionist approach.
For the majority of people, the act of buying is part of a normal daily routine. In the case of
those with compulsive behavioural tendencies, they are on the whole unable to control an
overpowering impulse to purchase goods (O’Guinn and Faber, 1989). This can lead to severe
consequences. An emphasis tends to be placed upon other behavioural disorders such as
alcoholism, abuse and gambling. O’Guinn and Faber (1989) called for greater market
research to be conducted on compulsive buyers, with a view that they should be classified in
the same group as other behavioural disorders. According to the American Psychiatric
Association (1985), compulsions are ‘repetitive and seemingly purposeful behaviours that are
performed according to certain rules or in a stereotyped fashion’. Such acts are usually
excessive and ritualistic that aim to reduce tension and anxiety; that can be caused by an
obsession or obtrusive thought (O’Guinn and Faber, 1989).
Notable factors can influence the frequency or inception of compulsive behaviour. One such
factor is low levels of arousal, whilst the other cause is a high level of excitement (anxiety
and stress) (O’Guinn and Faber, 1989; Miller, 1980; Zuckerman, 1979). Early scholars, such
as Freud (1895) concluded that compulsions acted as a relief mechanism for anxiety.
However, two essential definitive criteria must be present in compulsive behavioural
disorders; they must be problematic for the individual, yet at the same time, provide a form of
relief for them (Walker and Litz, 1983; Salzman, 1981). Such a stance will be difficult for
those who demonstrate compulsive behavioural disorders, as they shall not necessary identify
that they have a problem, particularly in the short-term. At the same time, it should be noted
that there is a distinction between compulsive consumption behaviours with serious physical
consequences and those that do not. The example of compulsive buying would fall into the
latter category. Compulsive buying is not any less damaging to the individual, particularly in
the long-term, but can generally not be as serious to behavioural tendencies such as

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alcoholism and drug abuse (O’Guinn and Faber, 1989). An emphasis should also be placed
on distinguishing compulsive behavioural disorders with a normal counterpart. The
consumption of a low volume of alcohol as a social medium vastly differs from alcohol
abuse.
The conduct of financial service providers within the direct marketing realm can be attributed
to the deregulation if the industry in the United States and the United Kingdom, along with
their trading partners (Page and Luding, 2003; Denny, 1995; Lowe, et al., 1986; Ramsden,
1996). The use of direct marketing is beneficial to companies as it usually offers the targeted
consumer a form of response channel. This channel enables the consumer to reply to the
advertised service with ease. Marketers can also measure the overall success of a marketing
campaign and adjust it accordingly. The American Direct Marketing Association provides the
following definition;
‘…[Direct marketing is] an interactive system of marketing that uses one or more advertising
media to effect a measurable response and/or transaction at any location, with this activity
stores on a database’ (Page and Luding, 2003, p. 147; Stone, 1997).
It is in the interest of marketers to recognise and track the changes in demographic trends, as
they have a profound impact upon the development of long-term marketing and business
strategies (Oumlil, et al., 2000). Literature within the field of marketing has identified the
elderly to be a key consumer group who are potentially vulnerable to the practices of
marketers. In the United States, a study predicted that one out of seven citizens would be
aged 65 or over; thus making the elderly a key consumer group for marketers. Educating the
elderly about the practices of marketers whilst also understanding their consumer behaviour
shall increase the overall effectiveness of marketing campaigns. Oumlil, et al. (2000)
recommended that education schemes should be implemented to boost consumer awareness
amongst the elderly. Earlier work by Yeats, et al. (1992) suggested that in order for
consumers to use a product or service effectively, they must have a prior knowledge of it and
also have the intent to use it. Theoretically, direct marketing should enable such
effectiveness, as data upon consumers’ interests and lifestyles can be utilised. However, it
would be difficult for such a method to be applied towards the young adult consumer group.
Literature suggests that the compulsive behavioural tendencies as highlighted in young adults
could confuse their overall desires; they simply may wish to have a product because it fulfils
their behavioural tendencies, not because they necessarily need it.

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Earlier literature by La Forge (1989) noted the similarities between young adults and the
elderly, in the sense that they were being ignored by corporations, with regards to their
consumption-related behaviours; ‘people from powerless social groups have little experience
with expressing their struggles in formal public context’. Of course, it would be inappropriate
to generalise both young and elderly consumers are being powerless. Yet at the same time, it
highlights that a number of consumers would potentially fit into this criteria and thus
encounter difficulty in expressing their concerns. Therefore, the stance of Oumlil, et al.
(2000) to educate consumers about the practices of marketers is commended. If consumers
are educated about marketing, then they can have a higher level of awareness and also have
better grounds to express their concerns. The expression of such concerns shall not only
protect consumers from any malpractices, but also provide feedback for marketers on how to
improve the overall effectiveness of their various campaigns. An earlier statement from the
Office of Superintendent of Public Institution in the State of Illinois in 1968, also agrees with
such a school of thought;
‘Consumer education is the development of the individual in the skills, concepts, and
understanding required for everyday living to achieve, within the framework of his own
values, maximum utilization of and satisfaction from his resources’. (Oumlil, et al., 2000,
p.234).

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Chapter 3: Methodology.
This research study shall be conducted using qualitative methods in order to assess the
relationship between young adults in postgraduate education with financial services. In this
case, the research shall be conducted from an epistemological position. According to Bryman
(2008, p. 366), an epistemological position can be described as the “…understanding of the
social world through an examination of the interpretation of that world by its participants’.
This study shall adapt a interpretivist stance of epistemology. “Interpretivism subsumes that
the views of writers who have been critical of the application of the scientific model to the
study of the social world and who have been influenced by different intellectual traditions”
(Bryman, 2008, p. 15). The interpretivist approach believes that social sciences are
completely different from the natural sciences and should therefore be treated as separate
entities. It is therefore necessary for a different logic to be used in order to assess the social
sciences; a method that reflects the distinctiveness of humans as against the natural order.
The ontological position of this study must also be considered in its research design. This
research study adopts a constructionist ontological stance. Bryman (2008, p. 692) defines
constructionism as an ontological positions that “…asserts that social phenomena and their
meaning are continually being accomplished by social actors”. This essentially proposes that
individuals adopt different understandings of the world and argues against the objectionist
stance that social phenomena and their meanings have an existence that is independent of
social actors.
The aim of this study is to understand the complexity of the relationship between young
adults and financial services. Literature refers to young adults as possessing certain
behavioural tendencies (Phau and Woo, 2008) and therefore becoming vulnerable to the
financial service industry. However, the reviewed literature does not specifically examine the
behaviour of postgraduate students or their relationship with financial service providers. It is
on this basis that an interpretivist approach shall be beneficial to this research study, as
participants will be invited to share their experiences and judgements as humans, rather than
applying a scientific theory. If this study adopted a positivist stance to research, then there
would be a potential danger of trying to apply a prescriptive scientific theory. In some
studies, such an approach would be acceptable and of benefit to the study. However, in this
case, inviting young adults’ to share their experiences with financial services will enable this
study to assess how the industry affects their lives, in their own words. Each question that
will be asked will test a hypothesis, which in most cases relates back to a prior study of the

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social sciences, both of a positivist and interpretivist stance. Therefore, some hypotheses in
these studies could be confirmed to be true in young adults or could be argued to be
inaccurate. This study does not disregard any prior studies that have taken a positivist
approach to researching consumer behaviours and recognises the importance that such a
stance can have in devising initial observations. Yet, an interpretivist approach in this study
will allow research participants to share their experiences and could potentially enable this
study to draw to some facts that have not been discussed in prior literature. This is highly
important because a significant amount of previous research does not recognise individual
voices and considers consumer groups as a whole.
The focus of this research study shall be adults aged between 21 – 31 years of age who are
postgraduate students at the Liverpool Hope University Business School, during August and
September 2012. Participants of the research study shall be interviewed via a questionnaire,
delivered online, with a number of set questions in order to gather their experiences and
understanding of financial services and financial marketing tactics. Initially, this research was
to be conducted via an interview format so that participants could share their experiences in a
conversational manner. However, one factor deemed for this data collection method to be
impractical. A considerable number of the participants had left the country for the summer.
Time constraints meant that there would simply not be enough time to conduct the research in
an interview format, once the individuals had returned. On this basis, it was more practical to
send the questionnaire to be completed online, as all participants had internet access whilst
abroad. This was therefore the most appropriate method to collect the data and complete this
study within the required timeframe.
The size of the sample group will consist of ten postgraduate students who are currently
enrolled at the Business School of Liverpool Hope University. This is a relatively small
number of participants to assess. This qualitative research study is going to use narrative form
of data analysis (this will be explained further into the chapter) and due to the time
constraints; a larger number would hinder the quality of the study. Narrative analysis will
require careful attention to be paid to the participants’ responses. As such a large volume of
data will be provided overall, it would be impractical to allocate a similar timeframe to the
analysis of a larger amount of data and would undoubtedly damage the outcome of the study.
The Business School at the Liverpool Hope University has a large international community
within the relatively small number of postgraduate students. This means that the sample

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group in this study will represent different backgrounds and cultures; therefore being a wide
variety of students in the sample.
Whilst reviewing the limited literature within the relationship of young adults, consumer
behaviour and financial services, a number of themes are apparent. Phau and Woo (2008) and
Kropp, et al. (2005) have raised concerns over the behavioural tendencies of young adults.
These behavioural tendencies suggest that young adults are impulsive buyers and thus a
potentially vulnerable consumer group. As previously noted in the literature review, this area
of research is very limited. Reviewed articles have provided a starting point for this study, but
only a small selection of them will be of use in assisting the conduct of this research.
This research study shall question whether adults who are currently based in the United
Kingdom, between the ages of 21 – 31, are vulnerable to the conduct and marketing practices
of the financial services industry. On this basis, specific areas of consumer behaviour and the
conduct of financial providers shall be assessed through the experiences of individuals who
are currently enrolled in higher education at Masters level. From the reviewed literature that
assesses the consumer behaviour of young adults, it is clear that individuals of an educated
background will be susceptible to compulsive or impulsive behaviour (Nga, et al., 2010.
However, regulation for this age group is still neglected, as young adults are generally not
defined as a vulnerable consumer group, in comparison with the recommended guidelines for
the poor, children and the elderly. This is simply an area of concern and focus should be
placed upon the relationship of young adults in higher education with financial services.
Specific information needs to be gathered from the participants in this research study in order
to identify the issues that young adults face as consumers. Nga, et al. (2010) discovered that
education was critical in the overall financial awareness amongst youths at a higher
educational institution. The same theory shall be applied to young adults, aged 21 – 31.
Despite it being a study of qualitative research, this study shall use hypotheses to guide the
focus of research. This will enable this study to bridge the gap between literature and reality;
as theories can be applied to human beings, rather than theories being a separate entity. The
method of data analysis to be used is narrative analysis. This method examines how
participants express their experiences (in this case, with financial services) and will be useful
in bridging the gap between literary theory and the complex relationship between young
adults and financial services.

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The first hypothesis to be tested shall be;
H1) Education plays a valuable role in financial planning in young adults.
In order to test this hypothesis, participants shall be questioned of their experiences with
education and if specific financial planning was specifically incorporated into their
educational practices at any point of their lifetime. Therefore, the opening question to
participants in this research study shall be;
1) Has education played a role in your level of financial planning? Or do you feel
that you could have benefited from specific financial guidance within your
institutions?
This opening question that participants will answer shall be highly beneficial in establishing
the different educational backgrounds of consumers and indeed if they have actively engaged
in a specific financial planning programme.
Society can influence the spending behaviour in young adults (Penman and McNeill, 2008).
The act of self-control can be regarded as the relationship between the self and attributes to
money and consumption. Such attitudes will have been formed by societal norms. Such
norms shall vastly differ from different cultures; different values and attitudes towards
finance shall be present. It shall therefore be of interest to this research study to discover the
differences between individuals’ approach to finance. Attitudes towards the value of money
will differ from individuals, such as family upbringing, religion and personal experiences.
Recognising the various ways in how societal norms and pressures have shaped the attitudes
of young adults shall be important in understanding their overall exposure to financial
services. Consumers who have been brought up in an environment that is cautious towards
money could in theory be less likely to be influenced by financial services, or vice versa.
However, this could not necessarily be the case as impulsive or compulsive spending
behaviour could take over such self-control. The second hypothesis to be tested shall be;
H2) Society shapes the attitudes of young adults towards purchasing and debt.
To test this hypothesis, participants will be questioned about their experience with societal
attitudes towards finance;

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2) Do the views and attitudes of society in any way relax or influence your attitude
towards purchasing and consumer debt?
Phau and Woo (2008) state that the compulsive and impulsive spending habits amongst
young adults is a method of stating their power and prestige. Assessing the impact of
consumer behaviour shall be important in assessing their overall reliance on financial
services. The role of self-esteem can influence the desires of an individual to compulsively or
impulsively purchase goods (Phau and Woo, 2008). Such desires are fulfilled by the financial
transaction; self-desired image; power prestige; and societal status (Schor, 1998; Medina, et
al., 1996). Such factors in consumer behaviour need to be applied to young adults between
the ages of 21 – 31 who are located in the United Kingdom. Literature highlights concerns
over behavioural tendencies in young adults in different continents and those enrolled in
higher education. However, it is necessary to assess the tendencies of young adults who are
enrolled in postgraduate degrees. Literature within the field of financial services, behavioural
tendencies and consumer behaviour neglects any focus on this criteria. Considering the
volatile economic climate of the past several years, many graduates of bachelor degrees are
now enrolling in postgraduate degrees and to a degree are balancing the pressures of
adulthood with a student lifestyle (Lipsett, 2009). Taking this into account, the third
hypothesis shall be;
H3) Young adults purchase items compulsively in order to boost their mood.
3) Do you ever have compulsive or impulsive desires to purchase items in order to
boost your mood?
The term ‘self-esteem’ has been avoided in both the question and hypothesis, as participants
could potentially identify this as being a sign of weakness and therefore could hinder the
legitimacy of their answer. The purpose of this research is to gain an accurate understanding
of how young adults use financial services and how their behaviour can affect their
relationship with companies. It is therefore in the interest of the research study to obtain
important and relevant information without causing any upset or embarrassment to the
participants.
Literature suggests that individuals with compulsive behavioural tendencies are at a higher
risk of being in debt. This is due to the fact that individuals with such tendencies are likely to
purchase goods, regardless of their current wealth. Young adults demonstrate compulsive

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behavioural tendencies towards the purchasing of goods. If consumers do not have adequate
funds to obtain such desirable items, then alternative purchasing methods will have to be
used. Forms of loans such as credit cards are the most accessible means to do this for young
adults. Such services are readily available are allow consumers to fulfil their desires of
obtaining items. This generates the fourth hypothesis of this study;
H4) Young adults regularly use credit cards as a means of payment.
Literature focusing on individuals with compulsive behavioural tendencies and undergraduate
students states that such a hypothesis would be correct. However, this hypothesis needs to be
tested on young adults, due to the lack of literature that specifically examines postgraduate
students between 21 – 31 years of age. Participants shall be asked the question;
4) Do you regularly use credit cards to purchase goods?
Credit cards are very popular across all age groups. Many consumers will require a credit
card and shall approach their preferred financial service provider accordingly. However, the
marketing of credit card services to consumers is rife. Different marketing channels are being
used to entice consumers into joining credit card services or taking short-term loans. New
methods are being used to target young consumers, such as advertising through social
networking sites to specific age groups (Teuber, 2012). Mail advertising is also largely
popular, with letters being sent to consumers, inviting them to join various credit card
schemes. In some cases, the financial companies invite consumers to choose the colour of
their credit card from a variety of bright and attractive colours. Such a method is clearly
aimed at attracting consumers by image, rather than actual context of the service itself (the
high APR rates). The conduct of financial providers in this matter is concerning. Consumers
are being approached by companies with regards to these services when they do not
necessarily require them. This generates the fifth hypothesis for this study;
H5) Young adults are marketed unnecessary products by financial service providers.
Participants in this research study shall be asked of their first-hand experiences with financial
marketing. Gaining such information shall be beneficial in assessing how young adults can be
influenced by marketing methods. The final question that participants shall be asked will be;
Q5) Have you ever been approached by a financial service provider with regards to a
product that is unnecessary to your requirements?

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In addition to this question, a copy of an invitation letter for a credit card service shall be
shown to participants of this research study (see appendix Article 1). The letter uses the
heading ‘Priority Invitation; Pre-Selected Status’, suggesting that the recipient of this letter is
in some way being honoured to use such services. This letter was sent to a recipient within a
week of them turning 18 years old and therefore becoming an adult. The letter makes certain
criteria applicable to the recipient. In this example, the individual was living in Liverpool.
The invitation claims that on of the features of the credit card service is that consumers can;
• ‘Pay in shops and restaurants in Liverpool and over 24 million outlets around the
world’. !
• ‘Take out cash from cash machines in Liverpool and over 1.2 million machines
worldwide’.!
The letter has been customised for the recipient in order to make the possibility of using the
credit card service appear to be more attractive. Points of interest such as the location and the
number of outlets and cash machines that accept the service are highlighted in bold to stand
out to the reader. Choices or credit card designs are available to consumers and images are
shown of the different colours that can be chosen. This gives the impression that the credit
card is a fashionable accessory rather than an expensive financial service. Several of the
colours are made to sound like fruit; cherry, lime and blueberry; whilst the other choice is
described as silver (a valuable good). Such words use imagery that could potentially attract
the attention of consumers. The letter is also designed to look like a personal invitation from
a figurehead within the bank.
The example shall be shown to the participants in the research study. Individuals shall be
asked to state their thoughts and concerns over this piece of marketing. They shall also be
asked if they would ever feel tempted to accept a financial service upon receiving a similar
document. This article highlights visual mediums used by marketers as tactics to entice
potential customers to join a financial service plan. This article will stimulate discussion
from research participants in order to understand how individuals would be affected by just
one of a variety of multiple channel marketing methods.
Once the relevant data has been collected, it shall be analysed. In order for the collected data
to be used to test the hypotheses, a tool of qualitative data analysis must be used. Participants
in this study are encouraged to share their experiences with finance and the financial services
industry. On the basis that this study is examining the experiences of young adults, the

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method of narrative analysis has been chosen to understand the collected data. Bryman
(2008) notes the following on narrative analysis;
“Proponents of narrative analysis argue that most approaches to the collection and
analysis of data neglect the fact that people perceive their lives in terms of continuity
and process and that attempts to understand social life that are not attuned to this
feature neglect the perspective of those being studied”.
According to Nelson (2004, p. 87), narratives serve as a “storehouse of shared knowledge
and beliefs in human societies”, whilst also being an “essential source of cultural learning”.
Nelson notes that narrative analysis can be used in understanding the experiences of
children; another potentially vulnerable group.
Narratives are stories, accounts, tales or descriptions (Shankar and Goulding, 2001). Bernard
and Ryan (2011, p. 248) describes narrative analysis as the ‘search for regularities in how
people, within and across cultures, tell stories’. This point of view falls in line with this
research study, as participants are from all different backgrounds and cultures. However, in
reviewing the works of narrative analysis, it is clear that there is an array of different ways to
collect data through this method. There is simply not a correct or incorrect method that is
acceptable. This is even more so in the case in the application of narrative analysis to studies
within in the nature of social sciences and business as a complete entity. The concept of
narrative analysis is very vague, alongside the other qualitative data collection methods that
were explored for this study. However, Bryman (2008, p. 696) proposes the clearest
definition of narrative analysis;
“An approach to the elicitation and analysis of data that is sensitive to the sense of
temporal sequence that people, as tellers of stories about their lives or events around
them, detect in their lives and surrounding episodes and inject into their accounts.
However, the approach is not exclusive to a focus on life histories”.
The aim of this study is to suggest that all young adults, between of 21 – 31 years of age who
are currently based in the United Kingdom, are vulnerable towards the financial service
industry; therefore establishing a connection between all of the participants. Shankar and
Goulding (2001) recommended that narrative analysis should be used as a method to
interpret the consumption experiences of consumers, as it provides a holistic understanding
of their overall motivations and actions. In the case of this study, narrative analysis will be

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applied to the written scripts that have been filled in on the questionnaires, by the
participants. Units of analysis will be keywords, sentences and paragraphs; this should
highlight any trends or extreme results that can be tested against the original hypotheses.
Although this is a qualitative study that is trying to bridge the gap between theory and
reality, participants will be referred to as Participant (Number). This is because it has been
agreed with participants that they shall remain anonymous throughout this study, as the topic
of finance can be sensitive. Therefore, to include the participants’ names would be in breach
of their trust and grounds to participate in this research.
The majority of the questions that participants are faced with in this research study relates
back to their previous experiences and given the nature of this topic, their accounts are likely
to have a degree of emotion involved. Gaining an understanding of how participants’
narratives explain their previous experiences will be of greater value to this topic of research,
in comparison with the more popular qualitative data analysis tools. Comparing the collected
data from different participants shall hopefully be of use in devising recurrent themes present
in the relationship between young adults and the financial service industry. If themes were
found across the data provided, then this would suggest that similarities exist between young
adults aged 21 – 31 in their relationship with financial services. In identifying such themes,
this research study will be able to test the outlined hypotheses and ultimately make
recommendations of what areas the financial service industry should consider to meet the
needs of this potentially vulnerable consumer group. It will also pave the way for future
research within this field and recommend that a less structured format for data collection and
analysis will be key to drawing a link between scientific theory and reality.
There are different strategies of qualitative data analysis that can be used. Analytic induction
and grounded theory are frequently used methods of data analysis (Bryman, 2008). The
analytic induction approach to data analysis seeks universal explanations of phenomena by
pursuing the collection of data until no cases that are inconsistent with a hypothetical
explanation of a phenomenon are found (Bryman, 2008). This research study proposes
hypothesis to be tested that are devised from reviewing relevant literature within the fields of
consumer behaviour of young adults and the conduct of marketers, both within and outside of
the financial service industry. Applying analytic induction to this study would not be suitable
as examining the relationship of young adults and financial services on experiences requires
an analysis of their narratives and ultimately finding a trend within the data provided by the
participants of this study.

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Similarly, grounded theory would equally not be as suitable for this research study. Strauss
and Corbin (1998, p. 12) describe this method of data analysis as “…theory that was derived
from data, systematically gathered and analyzed through the research process’” The
collection and analysis of data proceed in tandem and repeatedly refer back to one another
(Bryman, 2008). This would mean that this research study would have to redesign hypotheses
based upon data and then interview participants again, until such a hypothesis is tested as
positive. Not only is this impractical for this research study, but it would be more suited
towards the development of theory, rather than gaining an understanding of young adults and
the financial service industry.
The narratives provided by participants shall be analysed in order to identify whether a trend
can be found in the data provided. Keywords, expressions and narrative outcomes will be
used to test the hypotheses and the proposals in the reviewed literature. This will assist this
study in determining the complex relationships between young adults and the financial
services industry.

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Chapter 4: Discussion of Results.
The presentation of results will be divided into two parts, the discussion of results and their
findings. The discussion of results will allow this research to present the collected data
obtained from the sample. This will enable trends to be found from the sample. Once these
have been established, then such results and be compared and contrasted with the reviewed
literature. This will enable this research study to comment on the literature, whilst also being
able to propose any recommendations to assist the complex relationship between young
adults and the financial services industry. The collected data from the sample group
highlights that the young adult age group, aged 21 – 31, demonstrates responsible behaviour
in managing their finances. However, initial readings also suggest that this age group is still
vulnerable to the marketing techniques using by organisations within the financial services
industy.
In order to conduct this study, a total of twelve individuals were approached to participate in
the research. Ten people agreed to become involved in the study and nine people completed
the questionnaire. Sensitive information about the participants’ details has been omitted from
the presentation of results. As noted in the methodology, finance can be a sensitive topic and
given the small number of participants in the sample, as well as the relatively small
community of postgraduates at Liverpool Hope University Business School, it was only
appropriate to use such identification. A small number of the participants have referred to
their nationality in their narratives, but this is at their own discretion.
(Details of Participants)
The first question asked the participants about the impact that their education had upon their
level of financial planning. If such specific guidance had been absent from their educational
Participant Gender
I Male
II Male
III Male
IV Male
V Female
VI Female
VII Male
VIII Female
IX Female

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programmes, they were invited to state if they felt that they could have benefited from such
guidance. In reviewing the feedback from participants, it is clear that those who received
specific financial guidance from within their institutions benefited from such support in their
level of financial planning. A number of participants noted that they were taught of how to
‘be efficient’ with their available funds. Those who had educational institutions that
neglected such areas felt that such guidance would have been beneficial. Another key feature
that education provided participants with was the ‘prioritising’ of money. This would suggest
that education enables individuals to rationalise their behaviour.
Participant VI, notably, declared that education had not “…played a role at all in my level of
financial planning. But my parents taught me well”. Whilst the participant was clearly well
educated in financial planning, they added “I could imagine, that it would have been
beneficial to get educated in school about financial issues”. Similarly, Participant IV stated
that that they had found that education had played a role in their level of financial planning,
but not from formal institutions; “…I’ve educated myself about available financial services”.
On the contrary, Participant I had not received any financial planning from within their
educational institutions and stated “As an international student, I felt difficulty in managing
my expenses for the first 2 – 3 months”. This was due to the difference in currency and the
participant they “had no idea” in understanding the costs of goods. Participant I noted that it
would have been beneficial to receive education through an institution, as it “…could have
guided me through the initial stages”. In this first question, a trend is starting to emerge;
those who received financial planning guidance through any form of education found it to be
of benefit in later life.
The second question asked participants about how the views of society towards finance
influenced their attitude to purchasing and consumer debt. They were also invited to express
whether this influence had been a positive or negative experience. The majority of the
participants stated that society did play a role in their attitude towards purchasing and
consumer debt. There were conflicting views of whether such influence had been a positive
or a negative experience. Participant I stated “In the country where I come from, people give
a lot of importance to what society thinks about you. So it does influence my attitude when it
comes to purchasing and debt”. The participant added that the influence had been positive.
Participant II shared a similar view on this issue, stating that accumulating any debt “would

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damage my reputation”. In the case of these two individuals, the prospect of their reputation
being damaged in their retrospective societies policed their tendencies to rely on debt to
purchase goods.
On the other hand, Participant VII found that; “…the influence of society on purchasing is
always negative”. This was due to society placing a significant emphasis on a ‘lifestyle of
consumption’. In the experience of Participant VII, society had taught them poor values and
encouraged a lifestyle that would inevitably be rife with consumer debt. Such a stance was
rejected by Participant VIII who declared that society “…doesn’t have any influence in my
attitude towards debt”. Within the experiences shared in answer to this question, it is clear
that society does play a role in influencing the majority of participant’s attitudes towards
purchasing and consumer debt, but has a different level of influence depending on the
individual. Participants VI and IX shared similarities, as society had increased their
awareness of how damaging excessive purchasing and consequent consumer debts could be.
Participant VI recalled “I see people who have no savings struggle and who therefore often
take on consumer loans”. The experience of Participant IX was similar, as the high level of
consumer debt in their home country had been of a positive experience; “…it has made me
more aware of the reality of debt as well as the need to make wise and manageable financial
decisions”. An emerging trend within this question was that the society served as a deterrent
against accumulating consumer debt, in some cases from witnessing debt of individuals, or in
other cases encouraging individuals to keep a good reputation amongst other members.
The third question invited participants to disclose whether they ever had compulsive or
impulsive desires to purchase items, in order to boost their mood. In reviewing the feedback
provided by the participants, a number of themes were apparent. It was clear that a number of
individuals purchased items in order to boost their level of self-esteem or for stimulation.
Participant I noted that shopping “…excites me”, whilst Participant II, claimed that “going to
the shops and purchasing goods usually makes me feel better about myself”. Participant IV
shared that the act of purchasing goods “…does boost up my confidence in whatever I do
afterwards”. The majority of participants who claimed that purchasing provided a positive
increase in their mood only acted when they had available funds. Participant IX disclosed that
they have had compulsive and impulsive tendencies, but added that they “…generally don’t
and never use credit to do so”. In question two, Participant IX had noted that they had
witnessed the high levels of consumer debt in their country and that it served as a deterrent
from purchasing and consumer debt. Conversely, Participant VI stated that their purchasing

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of items was “not to boost my mood”, but rather as a “motivation to carry on (currently with
my dissertation) or sometimes as a reward”. In this case, it would suggest that the purchasing
of items did have a positive affect as being an aid in order to reach personal goals.
Within the responses to this question, one narrative from Participant IV demonstrated
contrasting emotions that were associated with their impulsive purchasing tendencies.
Participant IV stated that they were ‘…not compulsive as they controlled their expenses” but
had “impulsive desires”. The participant later stated “Actually, I have to admit that yes
purchasing items does have a positive effect on my mood”. The language used by this
individual would suggest that there was an element of guilt in their behaviour. This
participant had previously declared in Question Two that they had “learnt to be careful on
various expenses”. Whilst this mood was clearly not destructive to their lifestyle, elements of
regret were apparent in their narrative.
Question four asked participants about their use of credit cards as a method of payment. This
question found that there was a strong stance against the use of credit cards in young adults,
aged 21 – 31, who had never used such services. However, all of the participants expressed
different views on credit cards and the reasons of why they did not use them as a means of
payment. Participant I for instance expressed “When it comes to money I want to keep it
simple. I feel that applying and receiving a credit card is not an easy process especially being
a student”. All of the participants who did not use credit card services used negative
descriptions in their narratives. For example, Participant III exclaimed that “they are just a
rip off”, whilst Participant IV referred to credit card services as a “…dangerous means of
owing money”.
The participants who used credit cards as a method of payment only had a specific reason to
do so and was not their preferred means of payment. Credit cards were effectively used as a
‘last resort’ when alternative methods of payment were not available. For example,
Participant II noted that their use of credit cards was “because my salary is sometimes
delayed and I have to meet up to my obligations”. A similar reason was provided from
Participant IX, stating that their use of credit cards was “very seldom and only for
emergencies”. Participant VI provided a different reason for their use of credit cards. The
participant stated “I do not own a UK bank account and going to get money from the ATM my
bank charges me extra”. The participant also expressed “…though many people say that they
find it difficult to keep track of their purchases when they pay with credit card, I disagree”.

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They also added that they “…never buy stuff that I can’t afford”. This narrative suggests that
Participant VI used credit cards in a controlled manner.
The narratives provided by the participant in response to question four proposes that credit
card usage was not favoured and often strongly objected to by young adults. However, in
certain cases, credit cards were useful in assisting individuals for payments when used in
responsible manner.
Question five questioned participants if they had ever been approached by financial service
providers with regards to products or services that was unnecessary to their requirements.
Eight out of the nine participants stated that a financial service provider had approached them
with regards to these services. Participant IV recalled that a particular marketing method was
deployed in order to try and get them to take out a credit card service in their home country of
Mauritius; “I was queuing up in front of an ATM Machine, there was this bank clerk who did
approach me. It was during the World Cup 2010 and he was doing the marketing of a new
credit card”. Upon the use of this credit card, the consumers would be entered into a draw for
a chance to attend a world cup match. Participant IV added; “ It sounded ridiculous to me as
the amount of customers that this bank did possess, there was no way of winning this ticket!”
Such a method of marketing places the emphasis onto the prize, rather than the actual
product. The participant in this case had prior experience in the private banking industry (as
identified in question one) and did not succumb to the marketing method and consequently
take out the credit card service.
In another case, Participant VI expressed that in their home country of Austria “…the
employees at the bank have to sell a certain amount of products (e.g. credit cards, special
savings accounts, insurances etc.) each year. Therefore, they call me up once in a while”.
The majority of the interviewees did not show any strong feeling towards being approached
by financial service providers. However, Participant II showed a strong feeling towards being
contacted by financial providers, claiming “I find it very invasive of my privacy”. In this
narrative, the participant clearly found being contacted by marketers for a financial product to
be an alarming situation. This differed from the other participants who had all been contacted
in a similar fashion, but did not express any personal condemnation of the matter. Participant
III noted that the services offered by financial services are “attractive but have hidden costs
in them” and that “I was almost persuaded to take overdraft but I bailed out at the end”. In

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this case, it would suggest that such marketing methods used by banks could be effective in
persuading young adults into agreeing to such services.
The final question invited the participants to read a copy of a credit card invitation letter from
the Vanquis Bank Limited, a British credit card service provider (Article 1). This invitation
was sent to an eighteen year old within a week of their birthday. The participants were asked
whether they found this piece of marketing to be concerning and irresponsible of the sender.
They were also asked to express whether they would ever be tempted to taking up a financial
service based on this kind of marketing. The participants presented a mixed response to the
article; some individuals condemned the marketing, whilst others were not concerned by the
conduct of the financial service provider.
Participant I described the letter as “…real aggressive marketing”. They also added that they
“would feel concerned about my privacy and the legitimacy of the offer”. Participant IV
disapproved of the company contacting eighteen year olds as “…these people are
inexperienced and are still young no matter what!” and “…not appropriate for young
adults”. The participant also expressed that the feature of personalisation of the credit card
could attract “more young customers”. They declared that they would “…never feel
tempted” to accept the credit card offer. A similar view was shared by Participant VII, who
described their marketing method as “predatory” and would not be “…tempted in any way to
accept such offers”.
On the other hand, a number of participants failed to see the actions of the financial provider
to be inappropriate. For example, Participant III stated that “I do not feel the sender is
irresponsible it is just his marketing techniques he is using to persuade his customer to get
this offer” and that it should be the customer’s responsibility to research more into the
service. It is worth noting that Participant III likely failed to read the letter properly, as the
letter was signed from a female representative at the company, not a male as identified in this
narrative. Participant VI adopted a similar viewpoint with regards to the letter, stating “I
don’t see why this piece of marketing should be concerning, as long as there are no hidden
costs that are not disclosed in the letter but which would apply”. This participant noted that
they would “…definitely consider this offer”, due to the worldwide acceptance of the Visa
brand. They added “I believe it is up to Lucy [the targeted consumer] to not spend more than
she can afford”.

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The results from the final question suggest that two extremes were present amongst the
participants. In one extreme, participants strongly disapproved of the credit card invitation,
using words such as “predatory” and “irresponsible” in their narratives. Yet at the other end
of the spectrum, participants just acknowledged it as a regular piece of marketing, with one
participant noting that the sending was “just attempting to market their product” (Participant
VIII) and it was the responsibility of the receiver as an adult to use the credit card in
moderation. It should be noted that none of the participants reflected on the high annual
percentage rate of 39.9 percent as a deterrent from using this service. This was considerably
higher than the industrial average of 17.3 percent (Hall, 2012) in the United Kingdom and
was clearly stated at the bottom of the letter in bold writing.
In the analysis of data from this sample group, it is evident that education played an
important role in their management of funds. The influence of society is also an important
factor in such management, but the primary reasons of societal influence differ from within
this age group. The notion of compulsive and impulsive purchasing did have a positive effect
on mood, but the 21 – 31 year old age group is generally against any credit card use. This age
group also has mixed opinions of the example of a credit card marketing letter (Article 1).
However, none of the participants within this sample identified the clearly printed high
charges that were applied to the credit card. This proposes that this group of educated young
adults were unable to obtain important information from marketing material. As such trends
have been identified within this sample, it is now appropriate to compare and contrast the
results with the findings and proposals of the reviewed literature; conclusions and any
recommendations can then be made.

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Chapter 5: Findings.
According to Nga, et al. (2010), the education level and type of majors has a significant
influence on general financial awareness. The level of education significantly influences their
general awareness. However, their work also proposed that institutions need to implement
specific financial guidance within their educational syllabus. In this research study,
participants were currently enrolled in a higher level of education than those tested in Nga,
Yong and Sellappan (2010). However, a similar result was found across the sample of
postgraduate students at Liverpool Hope University Business School. Postgraduate students
who received financial guidance through various means of education found it to be of benefit.
Yet, formal educational institutions still fail to provide any guidance within this field to their
students. Those who did not receive any financial planning through education believed
themselves to be at a disadvantage with regards to managing their finances, as expressed in
their narratives. The research conducted in this study confirms that the first hypotheses
‘Education plays a valuable role in financial planning in young adults’ is correct. On this
basis, it is clear that educational institutions of all levels should strongly consider the
inclusion of financial planning in their syllabuses. This resembles the proposals found in
previous literature within this area (Nga, et al., 2010; Kozup and Hogarth, 2008).
In Penman and McNeill’s study (2008) on the consumption behaviour of young adults, aged
18 -25, a relaxed attitude to purchasing and consumer debt was found amongst this age
group. The reviewed study also proposed that societal influence was a major factor in their
consumption tendencies. Whilst conducting the research for this research study, a mixture of
responses was expressed by the participants within the 21 – 31 year old age group. The
majority of the participants confirmed that society influenced their attitudes towards
purchasing and consumer debt. Yet, different elements within society were the factor of this
influence. Penman and McNeill (2008) refer to a growing ‘culture of consumption’ as an
element of influence on the behaviour of young people. In this research study, Participant VII
shared the same view. However, the research in this study also highlights that it is the ‘culture
of consumption’ within society that serves as a deterrent to young adults, aged 21 – 31, to
purchasing and accumulating consumer debt. In another two cases, pressure on individuals to
conform to societal values also influenced their attitude to purchasing and consumer debt.
This confirms the second hypotheses ‘Society shapes the attitudes of young adults towards
purchasing and debt’ to be accurate’. Similarities can be drawn between the research
conducted in this study and with the study conducted by Penman and McNeill (2008). In the

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31!!
case of young adults between the ages of 18 – 25, society was deemed to influence more
destructive purchasing and consequent consumer debt. A different trend was found in this
research study in young adults between the ages of 21 -31, as society generally had a more
positive influence in this area; either from values or witnessing the effects of purchasing and
consumer debt from other members within society. Park and Lessig (1977) proposed that
consumers of an older age were generally bound to be less susceptible to societal influence.
This study found that young adults were still influenced by society, but of a less powerful
nature. This suggests that the 21 – 31 age group lies between the two ends of the spectrum
proposed by both Penman and McNeill (2008) and Park and Lessig (1977). The young adult
group is not as influenced in Penman and McNeill (2008), however they are still not as
independent as found in older groups (Park and Lessig, 1997). Bagozzi and Dholakia (1999)
proposed that the majority of consumer behaviour is goal-directed. This was present in the
majority of the sample group of this research study. The end-goal was either the to fulfil their
desires or in one case, to complete a task; in this particular case, the compulsive behaviour
was a motivational tool. These goals were of a pleasure-seeking nature and fuelled both
compulsive and impulsive purchasing behaviour, as also previously suggested by
Ramanathan and Menon (2006). Some of the participants placed a higher emphasis on goals
than other, but was still present in their behaviour.
The previous research conducted by Phau and Woo (2008) examined the relationship of
young adults and compulsive purchasing and concluded that this activity was a source of
power and prestige for those who engaged in this behaviour. Schor (1998) also supported the
stance that consumption was an act of rising self-esteem in individuals. This research study
found a number of themes within the compulsive and impulsive behavioural tendencies in
young adults between the ages of 21 – 31. A number of individuals expressed that
compulsive and impulsive purchasing behaviours boosted their level of self-esteem and
confidence. This shows a similarity with both Phau and Woo (2008) and Schor (1998).
However in contrast with the literature of Phau and Woo (2008), the young adult
postgraduate students only purchased goods when funds were immediately available to them;
and thus refrained from the use of credit cards or other forms of loans. This suggests that the
21 – 31 age group can control and rationalise their compulsive and impulsive behavioural
tendencies. This consequently entails a significant difference between the sample group of 17
– 29 year olds in the study of Phau and Woo (2008) and of the 21 – 31 year old postgraduate
sample group tested for this study. The third hypothesis ‘Young adults purchase items

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compulsively in order to boost their mood’ has been tested as positive. From this research, it
should also be noted that young adults also use the act of purchasing in some cases as a
method of motivation and also as a pastime.
Hypothesis four tested the reviewed literature upon the use of credit cards as a means of
payment. In the study of Phau and Woo (2008), it was found that in the case of young
Australians, the use of credit cards was high in order for them to fulfil their consumer
purchasing behavioural tendencies. On the grounds of the literature in this field, the
hypothesis was ‘Young Adults regularly use credit cards as a means of payment’. In this
research study, the fourth hypothesis was proven to be incorrect. In the research sample, only
two out of the nine participants used credit cards as a means of payment. Each of these
individuals used this service in a responsible manner. The rest of the participants were
surprisingly hostile to credit card usage in their narratives. Participant IV’s description as a
“dangerous means of owing money” highlighted the general attitude of the 21 – 31 year old
sample group towards credit card services. This demonstrates that there is a significant
contrast in between the findings of the reviewed literature and the findings of this research.
The marketing of financial services and products towards young adults was not explored in
any depth in the reviewed literature. However, the limited reviewed literature within this field
suggested that the consumer behaviour of young adults was heavily reliant upon the use of
credit card services or other forms of loans. On this basis, combined with the suggestion that
young people were a key target for the sales of personal financial services (Lewis, et al.,
1994; Diacon and Ennew, 1996), the hypothesis ‘Young Adults are marketed unnecessary
products by financial service providers’ was generated.
Within the sample group, eight out of nine participants stated that they had been approached
by various financial providers who were marketing services that were unnecessary to their
requirements. This was a large number of the sample group. In these cases, not one of the
participants had accepted any of the services that were directly marketed to them. This in
itself suggests that the students were not as vulnerable as originally portrayed by the previous
literature.
In addition to question five, question six referred to ‘Article 1’, a copy of a credit card
invitation from a bank that was sent to an eighteen year old within a week of their birthday.
There were mixed responses from the 21 – 31 year old sample group. A number of the
participants simply regarded the marketing to be acceptable and therefore did not find the

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article to be of any concern. However, the majority of the participants expressed concern over
the marketing tactics that were used to target an eighteen year old. Words used in their
narratives such as ‘predatory’ and ‘irresponsible’ suggest that the young adults were highly
aware of the marketing tactics and equally as aware of their danger towards their age group.
Only one of the participants stated that they would ‘definitely consider’ the offer; this was an
anomaly. However, as previously stated in the discussion of the results, not a single of the
participants within the sample group explicitly referred to the abnormally high annual
percentage rate that was being clearly advertised. It is alarming that this was not an area of
consideration for the participants. This shows that young adults are highly educated and well
informed in some parts of financial decision making, yet are still unable to closely read for
small and vital pieces of information. Such a result confirms the previous research of
Warwick and Mansfield (2000), who proposed that young adults encounter difficulties in
understanding the nature of credit agreements; therefore being unable to make mature
decisions about credit. Similarities can also be drawn from other literature, such as the
suggestion that too much information may cause young adults to make irrational decisions
(Rotfeld, 2008; Harrison, et al., 2006).

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Chapter 6: Conclusion.
This research study aimed to gain an understanding of the complex relationships between
young adults, aged 21 – 31 and financial services, whilst also understanding their consumer
behaviour. Whilst reviewing the literature within the field of financial services, it was clear
that there was a sincere lack of research on how young adults use financial services, or how
corporations generally treat young adults. Such literature generally focused on youths or the
elderly. The young adult and more specifically, 21 – 31 age group had been a neglected area
of research. Some studies such as Phau and Woo (2008) and Bennett and Kottaz (2011) had
paid attention to the relationship between younger people and financial services. However,
these studies only considered undergraduate students as a sample, who were generally of a
younger age group. This suggested that researchers and financial companies did not consider
the welfare of young adults within the 21 – 31 year old age group The lack of focus on this
sample group within literature proposed that students of a postgraduate level were not viewed
as a vulnerable consumer group as those of a much younger or a significantly older age. It
was on this basis that this study proposed to examine the postgraduate 21 – 31 age group’s
relationship with finance and the financial services industry.
In order to conduct this research, a sample group of twelve postgraduate students from the
Liverpool Hope University Business School were initially approached with regards to being
participants of the research study. Ten of the individuals agreed to do so and nine were
interviewed using a structured questionnaire, generated from the trends in the various
reviewed literature. One limitation in this research is that it was conducted online. It would
have been preferable to conduct the interviews on a ‘face-to-face’ basis, so that a more
thorough narrative analysis could have been used, particularly on remarks or expressions.
The hypotheses that were devised from this study were generated from the reviewed
literature. H1 fell in line with the suggestion of the past literature that education is of great
benefit to adults in their level of financial planning. The results highlighted that there is a
greater need for this to be incorporated into educational programmes, as previously
recommended. On this basis, this study recommends that educational institutions must
provide financial planning programmes, or even highlight the importance of financial
awareness. This should also be echoed to parents and financial providers, in order to ensure
the welfare or their children and future customers. As outlined by Carrier and Maurice

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35!!
(1998), childhood experiences form the basis of attitudes towards finance in later life. Ideally,
future consumers should be educated about finance at a young age.
H2 found that contrary to the literature focusing of younger adults, the 21 – 31 year old age
group were influenced by society in a more positive fashion. In this sample group, only one
of the nine participants claimed that society had a negative effect on their spending
behaviours. Taking this into consideration, this study finds that the 21 – 31 age group is less
likely to be influenced by society. In these cases, the errors of society had educated the young
adults about the dangers of finance. This reiterates the recommendation for educational
institutions to educate young adults about financial planning. This study also recommends
that important figures within society, such as parents, family members or individuals of a
powerful status, should also educate young adults about financial planning. This is
particularly relevant during a period of economic instability.
H3 found that ‘young adults purchase items compulsively in order to boost their mood’.
Contrary to the literature, H3 confirms that young adults engage in compulsive purchasing,
but in a controlled and responsible manner. This in some regards was unexpected as it
provided a sharp contrast between behaviour of undergraduate and postgraduate students. H4
found that unlike the younger adults sampled in the study of Phau and Woo (2008), the 21 –
31 age group did not regularly use credit card services as a means of payment. This was a
positive outcome as it demonstrated that this group was responsible in managing their
finances. However, this study also found that eight out of the nine participants had been
approached by financial services that were unnecessary to their requirements. Once again, the
young adult age group was proven to be responsible, as they did not accept any of their
offers. It is on the outcomes of these two hypotheses that this study recommends that
financial service providers should gain a thorough understanding of the needs of this age
group; their reliance on credit card services appears to be significantly lower than those of a
lower legal age (18 years of age in the United Kingdom). This can ensure that future
marketing campaigns that are targeted to the 21 – 31 age group is of relevance and interest to
them and meets their needs. This could be a positive step forward for both the financial
industry and young adults, as it could provide services that will benefit this age group, whilst
also boosting consumer satisfaction within the financial services industry.
However, this study has also identified that the 21- 31 year old age group is still potentially
open to exploitation from financial providers. The final task asked the participants in the

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36!!
sample group to comment on ‘Article 1’. This article was a copy of a credit card invitation
letter. The majority of the sample group believed that it was a concerning marketing tactic by
the Vanquis Bank Limited. This was largely due to the fact that the recipient had only just
turned 18 years of age. Particular emphasis was placed upon the young age of the recipient
and their presumed lack of financial knowledge or experience and also the use of imagery
and personalisation within the letter. The majority of the sample believed this to be
irresponsible and predatory marketing method. On one level, the participants appeared to
have a good instinct and quickly saw that this credit card offer was alarming. Yet equally,
they were clearly not astute enough to understand the basic outline of the credit card
agreement; a 39.9 percent annual percentage rate. As previously mentioned in this study, this
was a significantly higher APR rate than the industrial average at the time of its sending. This
is largely concerning as it would suggest that the young adult age group is vulnerable to the
marketing within the financial services industry, particularly as they were unable to obtain the
basic information from the proposed agreement and clearly did not have an understanding of
what was the norm. This conforms to the reviewed literature (Warwick and Mansfield 2000;
Braunsberger, et al. 2004; Worthington 2006) that young adults are financially illiterate.
Therefore, this study recommends that financial service providers should provide a clear
outline of what a service is offering. There should not be any distractions from the basis of
the service or product and this should be outlined in the opening of any marketing method.
This study also acknowledges that it is the purpose of marketers to market products to
consumers and that such information may not be outlined in such an explicit manner.
However, marketers should consider the vulnerability of all age groups and aim to use the
direct marketing method to tailor their campaigns accordingly.
In summary, this study has found the young adult age group, 21 – 31 years of age, to be
financially responsible and to be able to manage their behavioural tendencies to ensure that
they stay within their available funds. This age group proved to be more responsible with
their finances than originally anticipated and also were aware of the marketing of financial
service providers. Yet, this study has also found that the young adult age group is still
vulnerable to the marketing practices as they are unable to identify the basic information
provided in the marketing of financial services and products.
This study was conducted using a relatively small sample group of nine participants; all of
whom were between the ages of 21 – 31 and were postgraduate students enrolled at the
Liverpool Hope University Business School, currently based in the United Kingdom. This

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selected sample group enabled this study to be conducted within the required time frame and
also ensured an ease of access to the participants. However, this study recommends that
future researchers should conduct similar studies with a sample consisting of a variety of
participants with different levels of education and different career paths (this study solely
focused on postgraduate students). This will allow the financial service industry to gain a
better understanding of how society uses their services, whilst also providing this consumer
group with knowledge of how they can protect themselves against consumer debt.

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