October 14, 2013 – Since the financial crisis of 2008, people have questioned how much trust they should place in large banks and financial institutions. This sentiment is echoed by research from The Curve Report, which finds that 65% of Gen Xers and Ys say they are “ready for something new” as opposed to sticking with the “tried and true” financial institutions and principles (35%). This shift in perception means that individuals are reinventing the financial services typically provided by banks, venture capitalists, hedge funds, and angel investors, thereby creating new options through which consumers can save, spend, borrow, and manage their money.
In collaboration with the minds behind The Curve Report from NBCUniversal, PSFK wanted to investigate the rise of new financial devices and institutions that will shape the way we manage our money in the coming decades.
Alternative financial models have already gained strong traction among Gen Xers and Ys. According to The Curve Report, nearly three-quarters (72%) of them are game for one or more fringe financial models, ranging from P2P loans to fractional ownership to financial mentorship, the latter of which topped Gen Xers’ and Ys’ lists of the alternative financial service they are most interested in. Not only does this cede power from large banks, but also presents the opportunity for a whole new range of peer-to-peer and community based financial alternatives to spring up and flourish.
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