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MONEYJAR FINANCIAL SERVICES BLOG SPOT
WORLDS OLDEST BANKER FOUND LIVING AS A HERMIT IN BRITAIN;
SAYS HIS FIRST WORDS TO A PERSON IN YEARS........
”WHAT THE @&%$ HAPPENED TO FINANCIAL SERVICES?”
“Oh no gentlemen, finance is not for the young, they couldn't cope”
WHY I JOINED MONEYJAR?
by Tony Burke - Chairman of MoneyJar Financial Services Limited
“BUT UNCLE TONY; MONEY WAS DIFFERENT WHEN YOU WERE MY AGE!”...................
These were the words spoken to me by my niece one year ago. My first thought was....’good
grief, just how old does she think I am?’ Then, after I had put my ego - and false pride - away (well
for a while at least), I questioned her as to why she had phrased her (rather) pointed statement that
way.
Let me say at the outset that I am neither past retirement age, nor past the level of understanding
on how technology has dramatically changed finance (and the World) over the 38 years I have
been working within the financial sector. Out popped my ego again as with an air of one-
upmanship I pointed out that I must know about todays digital World because I had learnt to code
at the tender age of 14....in 1974, and that I had been involved with electronic and on-line trading
systems, blah, blah, blah, so there!). But with her eyes glazing over, I realised that I had not
understood her point, and now paranoia was kicking in; was I really being thought of by my lovely
niece as some kind of neanderthal?
To put the quote into context, my niece and I had been chatting about her hopes and dreams for
her future. I had started the conversation by taking the rather stereo-typical view of many a baby
boomer (that would be me then), by - wrongly - assuming that all Millennials would rather choose a
root canal than spend their precious ‘social network’ surfing time planning their future or talking
with a financial advisor.

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Being at an age of more than 50, but less than 60 (ego again), I have followed in the well trod
footsteps of most baby boomers and bought property, put money into a pension, and got to a stage
of financial independence where - quite obviously considering my attitude toward my niece and
Millennials - a level of sanctimonious pomposity had taken over in not realising that indeed my
niece was right; money - or to phrase it correctly (pompous again!) - finance is indeed different
these days. The ‘mechanics’ used in transacting business - whether that be in capital markets or
in doing ones everyday shopping - have changed dramatically, with the focus being on the use of
technology to speed up the transaction process. Manner from Heaven for my niece you would
think, a Millennial, a child of the digital revolution. However, as I found out, the levels of
understanding on just how the mechanics of finance work, and how to make use of money as a
tool for living, are much less understood by the younger generation than is their concentration on
the need for speed.
I had read an article last year that started off with the quote ‘Fed up with Millennials; I’m a
millennial and my generation sucks’. Over the last few years I have noticed that there has been
much written about ‘the Millennial’ and their seeming lack of interest in saving; for a house, for a
pension, for their future. However two things stand out to me when considering these articles, first,
they are nearly always written by baby boomers (apart from the one quoted above), and second,
the statement is simply not true. And while I am on my high horse, another thing that occurs to
me when I see these types of article about the Millennial and finance is; learning to understand
finance is not just a must for the Millennial, but also for Generation Z, for the Baby Boomer
generation, and for those older, in fact understanding how to use your money is for everyone. Note
to those journalists who pigeonhole a generation: A generation is made up of individuals, they
won’t all act in the same way! You - as journalists - are in a unique position to be of immense help
and guidance to a generation eager to learn, so rather than knock Millennials, use your experience
to educate them, but write in a way that simplifies finance, because its not rocket science.
Now I could say there is one positive that comes from being a baby boomer (I still think my niece
considers me to be a neanderthal, or am I just being paranoid) it is that life in my 18’s - 30’s was, in
many of its everyday facets, a lot simpler. When I first started working in the City, and wanted
money, cash, moolah, I walked to the bank, wrote out a debit slip, then queued up to present the
withdrawal request to a bank cashier. Then came the advent of the ATM, and guess what, initially -
banks reported - people were very reticent to use them (I know I was), preferring instead to queue
and have our cash handed over by a human. I suppose there was a strong psychological feeling of
not wanting to put our trust in this early technology. And now we have a generation for whom cash
is rarely used, and payment for goods can be done via a smart phone. Technology has - to the
greater extent - made communicating far more convenient, but, in my humble opinion, technology
appears to have made the process of making a purchase probably far too easy (a thought I will
expand upon another time).
You don’t have to look hard to find out why those of us in what is often termed the ‘older
generation’ have concerns for those younger. Today’s (and tomorrow’s) younger generation will
have a whole new set of money issues that banks and financial advisors do not currently address
in either a helpful or relevant way: these ‘generations’ will be loaded with student debt that’s
difficult to refinance; grossly underemployed, will be without access to capital to start a business,
and will especially be hungry for financial guidance that isn’t self serving. Plus, of course, today’s
generation also want to conduct their affairs on a smartphone, not go to a bank branch.
Want to learn about your finances.....go to an old folks home!
OK, so I am being facetious, but it is a grave concern to me that the average age of an
independent financial advisor is over 45, and that small local advisory firms seem to be closing or
selling up to the big banks or fund managers. When considering complex financial transactions
everyone should always consult a qualified specialist, but in taking the example of my niece; at her
age (I shan't give her age away, lets just say she is in her early 20’s) I implored her - as I do
everyone - to at least learn how to make her money ‘work for her’. My stress on the fact that

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money is a tool which can be used to create a future if she learned the basics caused my niece to
start asking - many - questions such as: what type of saving and investing she should look at, and
is there an a way of learning that isn’t boring, such as an ‘app’?. So can you imagine her face when
I said, “you can also use money as a tool when considering buying things!”.
The rise of the Neanderthal - so I put down my flint axe and looked into how I could be of
help!
This conversation was a turning point in - what has been over the years - a personal crusade to
make understanding finance easier (for every generation), and to bring the information needed to
all in the easiest and most enjoyable format possible. I spent several months researching the
saving and spending habits of Generation-Z; Millennial’s; and Baby Boomers, then looked at the
many sources of financial information and education that are available to all three groups.
Contrary to perception, the Millennial’s hopes and dreams are not much different to any other
generation;
A recently published survey found that:
• Almost half (46%) of millennials are already married or living with a partner
• Over four out of five (83%) millennials who are unmarried hope to get married one
day
• The biggest chunk of married millennials tied the knot between the ages of 22 and
26 (43%)
• Over two out of five (42%) millennials already have a child; and another third plan to
start a family at some point
• A previous marriage attitude survey that compared Baby Boomers to millennials
found that when it comes to marriage the two generations have similar approaches to discussing
and managing finances
But, here are some slight differences; Couples are quicker to mingle their financial accounts. They
are more likely to piece together a career through four or five jobs. They share cars and
apartments. They are ultra connected, enjoy teamwork, collaboration, and value experiences and
meaningful employment above high pay.
All this has huge and largely ignored implications for those who sit in their ivory towers in the
banking and financial advisory world. My niece introduced me to her friends who introduced me to
their friends and 98% of the hundred plus I spoke to all asked for the same thing; a digital learning
platform, one with interesting and relevant articles and sources of learning. They didn't want to
transact on the platform, just learn.
So the neanderthal (yes, thats me) has become a champion for the use of social media to explain
the basics of finance. I was honoured to be asked to become Chairman, and join with the highly
experienced team at MoneyJar, working with them to re-think how financial information and
education should be delivered. Our aim is to take away the confusion and wordiness that often
comes with the World of financial products, and bring back clarity and simplicity. In essence we aim
to re-brand finance for the digital generation. However, we do not intend to dump all of the
practices of old, and one of the tools we offer to our users is a monetary system that was actually
used by my Mum, my Gran, and in fact everyones Gran. A system whereby one could separate
and control your money so as to be used for all the things you need to live your life and plan for the
future: What is this system?
It’s MoneyJar you want:
Saving: for that one thing you want, but its quite expensive.....a holiday or clothes for example
MoneyJar will explain and inform you of the latest ways and products to enhance your saving

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Investing: for your own home, car, pension, your future
MoneyJar brings you up to date news and educational tools in order to guide you to make informed
decisions when investing for your future
Spending: we all like to find bargains
MoneyJar will point you in the direction of the latest offers from places you like to go and shops you
like to buy from. We look for the bargains so you can take advantage of them.
Our digital World: Financial Education for our time starved life styles
We have created a social media platform led by video tutorials and blogs, plus short - and VERY
sharp - articles from guest writers who are expert in their field. We will be led by YOU, because, its
YOUR Money and YOUR FUTURE.
Coming Soon: MONEYJAR - RE-BRANDING FINANCE FOR THE DIGITAL GENERATION
By Tony Burke Chairman of MoneyJar Financial Services Limited
and Chief Executive Officer of Veracity Capital Partners Limited.