Everyone needs to manage their money - but why isn’t it for everyone?

Why can money management feel so out of reach?

When I got my very first payslip on an internship, I remember feeling unstoppable. Finally, I could decide to spend my money however I wished. Nobody prepared me for how complex managing my finances would later become though. For a long time, it felt like something I would naturally master as I grew older. But while we all dream of financial independence, the reality is more like fumbling in the dark, trying to make sense of rent, bills, and savings as we go, with no one really showing us how.

A recent survey by Santander¹ of 2000 18-21-year-olds found that despite financial stability being a high priority, many lack the more fundamental skills needed to manage their money effectively, with 79% having never created a basic budget.

Finance experts promote the idea that managing money is simple: save, invest, spend wisely. But learning to deal with money isn’t quite like following a syllabus. Real-life challenges - moving for a job, welcoming a child, or facing a medical emergency - come out of nowhere, leaving you to navigate both your bank account and your life.

It then becomes clear just how severely money tools and advice are skewed toward a particular audience: full-time salaried professionals with high disposable incomes and already established financial literacy. They can act confidently and immediately, while others get left behind. You might see a “New Year money tips” video suggesting you invest one-third of your income, but what if your priority is finding a guarantor to rent a flat?

As part of a recent study exploring the barriers to personal financial management, we spoke to a range of consumers across the UK. We found that feelings of exclusion in money management show up in many ways, and connect to deeper emotions, yet at their core they remain omnipresent.

"I’m not smart enough for this"

The language around money is often filled with jargon and tied to the notion of success. People can avoid exploring options when they feel unqualified. Even knowing options exist, they avoid them out of fear or frustration.

"I don’t have enough money to matter"

For many, money management feels like it’s for the wealthy - something most don’t believe they are. A Financial Times article² titled ‘Why Are Britons So Reluctant to Invest’ suggests 55% of people think paying for financial advice is only for the rich. This chimes with our own work, in which people told us “I never thought I was the target audience for investing”, and “I wish someone could’ve told me 10 years earlier that I should start thinking about these things even when I wasn’t making much money.”

"It’s not made for me"

People can feel unseen or undervalued by both the product offering and communications. Gender bias in financial tools is so ingrained that you might not even notice it. How many financial apps feel like they’re built for an exclusive, insider crowd - designed with a tone that’s more about Wall Street swagger than real financial empowerment? A recent Bank of America study³ found that nearly half of women feel confident about their finances, yet only 28% feel empowered to take action. The gap between feeling confident and acting confident reveals rich emotional insights that brands can explore and leverage.

Source: Unsplash © Mathieu Stern

Beyond look and feel, people with irregular incomes often feel 'punished' by financial services for the lifestyles they’ve chosen or had to adapt to. Instead of offering support, these tools just pile on stress. Freelancers or gig workers for example often feel disadvantaged as a result of their work style. According to the Gig Economy Equality Gap Report⁴ in the UK, 70% of gig workers struggle to access financial products, and 66% have been denied a loan despite good credit scores.’

These feelings accumulate over time, creating deep-rooted emotional barriers that are difficult to shake and change. People end up avoiding money conversations and feeling trapped. Some even develop a sense of mistrust in products, companies, or the entire system. These feelings don’t just affect everyday money management, they extend to mortgages, investments, and pensions. Research about financial confidence shows that 64% of UK adults believe they’ve missed financial opportunities due to a lack of confidence⁵, and 49% of US adults feel too intimidated to seek financial advice, even when they need it.⁶

Reimagining money management inclusively

If you're an organisation providing money management services or you are working for a financial services brand, here are a few things to consider:

1. Make use of emotional space

You might be surprised about how emotional decisions around money are, despite often being portrayed as rational. Identify the emotional drivers behind your products or your brand to create real meaning and connect with your audience. It’s a vast space with so much to explore, because human emotions are layered and complex.

2. Design holistically for function and feeling

When we talk to people about the topic in our work, there’s really no clear functional/emotional split in conversations about money. A smart budget tool that adapts to income fluctuations doesn’t just save time; it reassures people that irregular incomes are valid and manageable. A low entry fee like ‘investing from £10’ signals more than the immediacy, it says everyone can start. Design with these emotional implications in mind to make money management feel accessible and inviting.

3. Celebrate the diversity of financial journeys

Highlight stories of real people managing money in different ways, across diverse income levels, career paths, and ethno-racial backgrounds, not just seasoned savers and investors. These stories validate different financial realities and inspire others to engage.

Inclusive money management isn’t just good ethics - it’s good business. By addressing the emotional and practical needs of diverse audiences, financial services can build lasting loyalty and trust in tough times when consumers are getting more aware and pickier. After all, people change and grow, but money management is for life.