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Do you have FOFO*?

*Fear Of Finding Out 

  • 37% of millennials feel nervous checking their bank balance
  • 43% of millennials lose sleep over their money worries
  • Barclays is piloting free, informal mentoring sessions for millennials in branches across the UK and via Barclays Video Call
  • Millennials can use the sessions to chat through money matters, no matter how small, and get practical tips and guidance to help them keep control of their finances

October 2018: New research from Barclays has today revealed that over a third of millennials[1] (37 per cent) are suffering from FOFO (Fear of Finding Out), meaning they are consistently nervous of checking their bank balance.

Research shows that FOFO hits hardest each month just after direct debits have been taken out, with 23 per cent of young Brits saying this is the date they dread checking their balance the most. 11 per cent also revealed they are scared to look the morning after a night out.

The research also showed that despite having the best intentions – 70 per cent of millennials said they set themselves a monthly budget, compared to just 37 per cent of other generations – money is still a concern. Over a quarter of millennials (27 per cent) admitted feeling panicked by how easily they lost track of their spending through the month – almost double that of older generations (15 per cent) and nearly half (43 per cent) of millennials admitted they had lost sleep over the state of their finances.

To help millennials break free of FOFO and keep control of their finances, Barclays is piloting a new mentoring programme. The trial scheme aims to strip away the stigma of asking money-related questions, and boost financial health and confidence by offering millennials access to informal one-to-one sessions with specially-trained colleagues through Barclays video call – which offers the flexibility of booking a session any time between 8am – 8pm, Monday to Friday - and in selected branches across the UK. 

All millennials, whether they are a Barclays customer or not, will be able to book a free session through a participating branch which they can use to chat through anything from current spending dilemmas, to how to reach future goals – or, simply get the answers to general questions from ‘what is an ISA?’ to ‘what is the process for buying your first home?’. In turn, they will receive practical top tips and guidance, as well as straightforward, open answers to all the questions that have been playing on their mind, no matter how big or small.  

Josie Clapham, Managing Director of Community Banking at Barclays said: “We know that money isn’t always an easy subject to talk about, but it’s an important one and no one should lose sleep because they don’t know where to turn with questions around budgeting, or their money in general.

“Our new pilot programme aims to give millennials easy access to the answers they need to help them manage their money and plan with confidence for their future goals.”

[1] UK adults aged 25-34

Notes to editors

About the research:

Research carried out by SWNS in September 2018, surveying 2,000 UK adults

Booking a session:

  • The sessions are completely free.
  • Sessions can be booked in participating branches by any millennial, whether they are a Barclays customer or not.
  • The sessions can be booked a face to face, or branches can arrange for the session to be held via video call. Video call sessions can be booked in Monday – Friday, 8am – 8pm.
  • The branches currently participating in the trial are below. More branches will be joining the pilot later this year:
    • Liverpool Lord Street
    • Warrington
    • Bournemouth
    • Wembley High Road, London
    • Chancery Lane, London
    • Kensington, London

About Barclays

Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website