This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries in the global economy.

I'm Jake Stewart, global head of corporate communications here at the firm.

Today we're in London and we're talking about savings and the generations, millennials, Gen Z's, baby boomers, and how they view the shift to mobile banking and much, much more.

Joining us as Des McDade, a managing director in Goldman Sachs Consumer Finance Division,

who's overseeing the launch of Marcus by Goldman Sachs in the UK, Des welcome to the program.

Thanks Jake.

So let's start with some broad context around the savings market in the UK.

Has this typically been a region of savers and how has people's view of savings changed since the

financial crisis?

The UK is definitely a nation of savers.

Before we launched Marcus, we interviewed 3,000 different consumers to ask how they saved, what they thought about savings.

And we found that 85% of people put some money aside every month,

just to save it for a rainy day, for a holiday, for a purchase.

That nature of savings has been good, but what we also found is actually people aren't very good at saving.

So although they're trying to save, 25% of people didn't have savings account at all.

They just either left their money in their current account or actually lots of people just

left at the home lying around in little pockets.

We found even 1% of people actually left it under the mattress.

So it was quite scary that a decade of low interest rates post the financial crisis

has just seen that people try to save but they're just not good at it.

Yeah, well there wasn't much reward for saving in the wake of the financial crisis.

One thing that's obvious when we launched Marcus here in the UK versus the US is there's a much more

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