Fortnightly Financial #39 Jack Parsons

Jack, you’re known for motivating and inspiring millions of the next generation, but for those who don't know, who are you, what do you do and are you a tea or coffee person?

I grew up in Essex. I’ve still got a bit of the Essex twang, but now I live in central London where I spend most of my time supporting the next generation with work, money, and health. Why? Because growing up, I never had any of those things sorted or support with them.

I had to figure out what my brain loves. So, I’ve made it one of my life missions to make sure the next generation gets the right support when it comes to work, money, and health. And while I do that, you’ll find me drinking a good cuppa of English breakfast tea.

Part of your personal mission is supporting others to grow their financial literacy, which we know you call 'Money Powers'. Why is this important to you?

We see it in company reports, government documents, and hear it in boardrooms that we must make the workplace and all industries more inclusive. But if we really want to achieve this, we must make money inclusive too. Currently, British culture tells us that money is a dirty word and not to talk about it. Women are paid less than men, and when you leave school, you don’t really understand the true value of money. Growing up, I never knew what money could do for you until I earned my first payslip.

Money advice can be easy to find but hard to reach. If we can build the right money powers for the next generation – understanding what it means to save, spend, and invest – we not only build a nation, but we build a healthy nation. A nation that’s less stressed, more open about money, and that is when we truly create an inclusive society for all.

You’ve interviewed a lot of fascinating leaders on your careers podcast ‘My Duvet Flip’, including many from the financial services industry. From these conversations, what do you think are people’s biggest money struggles right now?

People’s biggest money struggle is very simple: terminology. We like to overcomplicate what it means to have a pension, deal with the cost of living, and manage debt. The system is set up to create confusion around managing your money. We need to make things simple and remind people that there's no stupid question department in life. The problem is simple, but the solution can be even simpler by just changing how we promote money, how we talk about money, and who talks about money. People won’t buy things from someone if they don’t understand it, and that’s the same with money. Why would someone feel confident with their money if we put all these complicated terms in front of them?

How is My Duvet Flip seeking to help address and reduce these struggles?

My Duvet Flip, the UK’s leading career show, brings money conversations to the forefront. For example, we had the Group CEO of Lloyds Banking Group, Charlie Nunn, join us on the show. He talked about how he regretted not taking out a pension until he was 30, which he felt was way too late. People need to hear from real models, not just role models, when it comes to money.

It's not what you do, it's what you make happen. That’s what the show is doing. It brings real models onto the show, having tough conversations so we can share advice from the mistakes leaders have made, helping the next generation avoid the same money problems.

Finally, on a more personal note, a question we ask most of our guests: if £10,000 landed in your lap tomorrow, what would you do with it?

I’m a business builder and entrepreneur, and I believe that people who create businesses add jobs to the economy and solve problems with new solutions. If £10,000 landed in my lap tomorrow, I would give it to someone with a great idea who wants to start a business but doesn’t have the capital.

Generosity gives others empowerment. I would ask for one thing in return: once they start generating profit, they pass the baton on and help someone else start their business.

Thanks very much Jack, some interesting insights.

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The content of any discussions shouldn't be taken as an indication of future FSCS policy positions. The views expressed by guests are their own and don't reflect the views of FSCS.

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You can learn more about Jack on:

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