Karsten Wenzlaff, Advisor
August 26th, 2025
IEA UK | Jul 6, 2021
Research from the Institute of Economic Affairs (IEA) confirms younger people are hostile to capitalism and hold positive views of socialist alternatives.
The new paper should act as a “wake up call” to supporters of the market economy. The rejection of capitalism may be an abstract aspiration – but so too was Brexit.
A Forefront Market Research poll commissioned by the IEA of just under 2,000 people aged between 16 and 34 in the UK, carried out between February and March 2021, found that:
Young people associate ‘socialism’ predominantly with positive terms, such as ‘workers’, ‘public’, ‘equal’ and ‘fair’. Very few associate it with ‘failure’ and virtually nobody associates it with Venezuela, the erstwhile showcase of ‘21st Century Socialism’. Capitalism, meanwhile, is predominantly associated with terms such as ‘exploitative’, ‘unfair’, ‘the rich’ and ‘corporations’.
Supporters of the market economy often dismiss support for left-wing ideas as a phase young people have always gone through. But capitalists can no longer reassure themselves that the young will “grow out of it”. This polling finds little difference in attitudes between Millennial and Gen Z: where it does exist, it indicates Zoomers will “grow into it” rather than Millennials “out”.
As Niemietz argues, none of the survey results mean that supporters of capitalism should throw in the towel, concede defeat in the battle of ideas and just accept that the future belongs to socialism. Instead, they should take ‘Millennial Socialism’ far more seriously than they currently do. They should treat it as a challenge and engage with it, rather than dismiss it or deny it exists.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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OppU | Samantha Rose | Mar 18, 2021
The data speaks for itself — and it’s not good.The data is clear. Americans have a financial literacy problem.
Fortunately, there’s also reason for hope. People want to make smart financial decisions — even if they can’t always do it. They understand the importance of financial literacy to create success and financial stability.
We reviewed the latest reports to better understand the state of financial literacy in America. The statistics that emerged offer a glimpse into how well-equipped we are as a country to manage our money. Some speak to our understanding of personal finance, others to how well we follow through on them.
It’s important to note that a majority of these studies were conducted prior to the coronavirus pandemic. A lot has changed, but the data offer a snapshot of our financial health, and how well prepared we were to weather what has become a historic economic crisis.
Here are 10 statistics that illustrate the state of financial literacy in America.
It turns out many Americans aren’t financially literate. And they’re stressed about it.
In fact, a 2018 FINRA study found financial capability, stability, and confidence aren’t improving. Over 53% of adults say thinking about their financial situation makes them anxious. Forty-four percent say discussing their finances is stressful.
Younger Americans are feeling the greatest burden. The study found persisting and widening gaps between those who are struggling and those who are prospering financially — skewing generationally. Those between the ages of 18 to 34 have the highest levels of financial stress (63%) and anxiety (55%).
The study was conducted during a period of economic growth and declining employment — two factors heavily impacted by the current pandemic. It’s likely that these figures have only grown worse.
According to an analysis from JPMorgan Chase, a majority of families in the U.S. don’t have enough money saved in an emergency fund.
The research recommends families aim to save at least six weeks of take-home pay. This is a departure from the traditional recommendation of saving three to six months’ worth of take-home pay. The reasoning is that a smaller buffer can help families weather a financial upset, such as a reduction of wages or a spike in expenses.
Even so, about two-thirds of American families would struggle to come up with the equivalent of six weeks’ savings. A tremendous percentage of the population is at risk. With financial ruin one unexpected expense away, this statistic emphasizes how critical building an emergency fund is for long-term financial health.
According to a 2017 CareerBuilder survey, the majority of the country is living paycheck to paycheck. Living paycheck to paycheck means you are spending most or all of your monthly income on expenses. Once essentials are paid, there’s no money left over for savings.
Americans stuck in a hand-to-mouth cycle often feel limited by their financial situation. If savings run out, what’s their Plan B? For many Americans, there isn’t one.
We’re seeing this play out across the nation. Given the current economic downturn due to the pandemic, the number of Americans struggling to make ends meet is likely exacerbated. Jobless claims now total 33.5 million Americans. At a time like this, the stark statistic hits close to home.
In 2019, a survey revealed two in five U.S. adults said they have a budget and follow it to keep track of spending. But the survey also revealed three in five U.S. adults self-reported that they do not budget.
Maintaining a budget is a financial literacy fundamental. A budget sets the foundation for how to treat income and expenses. It ensures that needs are covered each month — essentials, like bills, debt, and savings.
It’s eye-opening to learn a majority of Americans abstain from this financial literacy basic. Without a budget how do consumers maintain confidence in their financial stability? How do they hold themselves accountable when managing money?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Scott Galloway | Jul 9, 2021

My north star(s) for philosophy, management, and politics are Star Wars, The Sopranos, and Game of Thrones, respectively. The Iron Bank (GoT) is a metaphor for today’s financial institutions, if present-day banks didn’t need bailouts or to invent fake accounts to juice compensation. Regardless, it was well known throughout Braavos that The Iron Bank will have its due. If you failed to repay, they’d fund your enemies. So today’s Iron Bankers are the venture capitalists funding (any) incumbents’ enemies. If this makes VCs sound interesting/cool, don’t trust your instincts.
Lately, I’ve spent a decent amount of time on the phone with my bank in an attempt to get a home equity line, as I want to load up on Dogecoin. (Note: kidding.) (Note: mostly.) If Opendoor and Zillow can use algorithms and Google Maps to get an offer on my house in 24 hours, why does it take my bank — which underwrote the original mortgage — so much longer?
Let’s start with this: Twenty-five percent of U.S. households are either unbanked or underbanked. Half of the nation’s unbanked households say they don’t have enough money to meet the minimum balance requirements. Thirty-four percent say bank fees are too high. And, if you’re trying to get a mortgage, you’d better hope the house isn’t cheap.
Inequity is a breeding ground for disruption, leaving underserved markets for insurgents to seize and launch an attack on incumbents from below. We have good reason to believe that’s happening in banking.
A herd of unicorns is at the stable door, looking to trample Wells Fargo and Chase. Fintech is responsible for roughly one in five (17%) of the world’s unicorns, more than any other sector. In addition, there are already several megalodons worth more than financial institutions that have spent generations building (mis)trust.
How did this happen? The fintechs are zeroing in on everything big banks aren’t.
Example #1: Innovation. Over the past five years, PayPal has issued 26x more patents than Goldman Sachs.
Example #2: Cost-cutting. “Neobanks” offer the basic services of a bank, with one less expensive and cumbersome feature: the branch. A traditional bank branch needs $50 million in deposits to generate an adequate return. Yet nearly half (48%) of branches in the U.S. are below that threshold. Neobanks don’t have that problem, and there are now at least 177 of them. Founders frame these offerings as more progressive, less corporate. Dave, a new banking app, offers a Founding Story on its website (illustrated with cartoon bears) about three friends “fed up” with their banking experience, often incurring $38 overdraft fees. Fed up no longer: Dave provides free overdraft protection and has 10 million customers.
Example #3: Less inequity. NYU Professor of Finance Sabrina Howell’s research found fintech lenders gave 18% of PPP loans to Black-owned businesses, while small to medium-sized banks provided just 2%. Among all loans to Black-owned firms, Professor Howell found 54% were from fintech startups. Racial discrimination is the most likely explanation, as lenders faced zero credit risk.
Example #4: Serving the underserved. Unequal access to banking is a global botheration. Almost a third of the world’s adults, 1.7 billion, are unbanked. In Argentina, Colombia, Nigeria, and other countries, more than 50% of adults are unbanked.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Business Insider | Matt Gaughan | Jul 7, 2021

Sixty-five percent of worldwide banking executives expect that the branch-based model will be "dead" within the next five years
Sixty-five percent of worldwide banking executives expect that the branch-based model will be "dead" within the next five years, according to survey data collected by The Economist Intelligence Unit (EIU) on behalf of Temenos. The result, compiled from interviews of 305 senior global banking executives, is 35% higher than four years ago.
The new data feeds into branch penetration forecasts completed by Insider Intelligence for the UK, the US, and Canada. "Penetration" is defined as bank account holders ages 18+ who visit a bank, credit union, or brokerage branch at least once per year.
As brick-and-mortar locations decline, 81% of the bankers surveyed by the EIU say that banks will seek to differentiate by customer experience, rather than by products. New technologies like the cloud, artificial intelligence (AI), and APIs are the tools that global banking executives plan to use to deliver superior customer experiences.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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UBC Law Review | Camden Hutchison and Li-Wen Lin | Apr 9, 2021
This article assesses the development of Vancouver as an entrepreneurial region. Using data collected from commercial startup databases, we find that Vancouver produces more startups and receives more venture capital financing per capita than any other major Canadian city.
However, we also find that Vancouver lags many U.S. cities on these same metrics. In light of our empirical findings, we explore whether differences in entrepreneurial activity between Canada and the United States are due to differences in the countries’ legal environments.
We conclude that legal differences do not explain observed economic disparities, and that differences in entrepreneurial activity are due to broader institutional factors, including underdeveloped business networks, a lack of Canadian venture capital, and "brain drain" to the United States. Although some of these challenges are amenable to policy reform, others are beyond the scope of government intervention.


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Guest Post | July 7 , 2021

Without the right online marketing strategies, keeping up with the ever changing ecommerce landscape and running successful campaigns become exceedingly challenging.
Failing to create, maintain, and refine agile marketing strategies, such as streamlining and scaling your content marketing process, also leads to wasted resources and little returns for your efforts.
The good news is, there are tried and tested online marketing strategies to increase your visibility and, ultimately, skyrocket your sales, which you’ll learn in this guide.
In this guide, we’ll look into the fundamental online marketing strategies and their related tactics and approaches to help you reach your marketing goals.
Optimizing your website and content for search engines helps you increase your online visibility and drive organic search traffic to your site.
You need to optimize for mobile first indexing, make sure your pages load fast, add proper metadata, etc.
Keyword research is also crucial.
Performing keyword research gives you insights into what your audience searches for online, which keywords to rank for, and which ones to target for your content marketing strategies (among others).
Use SEO tools such as Ubersuggest to get valuable keyword data, such as the estimated monthly search volume, competition in organic and paid search, the average cost per click, etc.

The tool also gives you keyword ideas from search terms people type into Google, including questions, prepositions, related, comparisons, and suggestions.

If you’re targeting keywords such as IT marketing, for instance, you’ll get content ideas through the top page titles and URLs ranking for the same keyword, including their estimated monthly traffic, incoming hyperlinks, and social shares.
This helps you assess the keyword’s feasibility to help increase your search visibility and bolster your marketing for technology efforts.
Content marketing is crucial because it helps you educate prospects about the value of your products and services.
Your content marketing strategies also let you share relevant information that answers your audiences’ problems, allowing you to be a thought leader in your industry.
Fuel your content marketing strategies by publishing blogs and following these tips.
Tools such as Grammarly help you check your content for clarity, grammatical errors, and your blog post’s overall quality.

The tool also analyzes your write up and provides specific suggestions to improve the correctness, clarity, engagement, and delivery.

Additional tip: Ensure proper formatting throughout your site when you follow a WordPress customization guide to provide excellent navigation and content readability to your visitors.
Email marketing provides you a direct channel for your business, current customers, and prospects to communicate and interact.
However, you need to carry out the right approach carefully. This helps ensure your email marketing campaigns are successful, and you don’t end up getting flagged as spam, which could put your efforts to waste.
Here are some quick email marketing 101 tactics to help drive your strategy.
This could be anything, from free ebooks and training to exclusive offers and discount codes, including other offers related to your products and services.

Doing so allows you to send personalized and targeted emails to specific audience segments, such as leads you want to nurture into sales and those you’re building brand and authority.
Split test elements including your subject line, design elements (such as the layout, length, color, etc.), content, call-to-action, and more.
There are tons of advantages to having a mobile app if you own an ecommerce business.
When you have a mobile app, you make it convenient for your customers to transact with you.
You can also skyrocket your conversion rates to nauseous heights since you have your customer's full attention when they’re on your mobile app. Unlike other platforms where your customers can see ads or competitor products that might distract them from purchasing.
Repeat purchases is another benefit you can enjoy. Because your customers have your app, there’s a high chance they’ll buy again from you since they can view your products when they’re on your app.
One thing you should remember when creating apps is you should backup your critical business codes. Suppose your using Azure DevOps to create your mobile app, you need to be religious about executing your Azure DevOps backups to protect your company against cybercriminals, reduce your downtimes, and comply with certain government regulations, among other things.
Consistently backing up your codes is crucial to protect your business from needless downtimes and cybercriminals.
Social media platforms let you build a following and connect with your audience to help raise your brand awareness, generate website traffic, and boost sales.
Social media marketing includes listening to and engaging your audience, publishing great content on your pages, running social media ads, and others.
Bolster your social media marketing strategy by considering these tips.
For instance, avoid running ads on Pinterest if your target audiences are older males audiences since most Pinterest users are females.
Use social listening tools such as Social Searcher to get real-time mentions monitoring about your brand on the web and in social media from one platform.

This helps you manage your social media presence, shape your strategies, increase positive hype about your brand, and handle the potential negative press.
Learning these evergreen marketing tips that work will help drive your strategies forward and you’ll gain excellent returns.
Now that we’ve shared with you five tried and tested marketing strategies you can implement to grow your online sales, take inventory of the buying process your customers undergo when they’re making a purchase.
Make sure the process is seamless and frictionless.
If you’re running a brick and mortar store, you need to pique the attention of your casual web visitors, entice them to visit your store so they can purchase your products, take out their wallets so you can process the transaction through your computerized cash registers, set up a relationship building sequence so those who bought from you will purchase again, etc.
The more frictionless the process becomes for your customers, the easier it is for them to make the purchase.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Financial Brand | Jim Marous | Jul 2, 2021

Measuring return on experience (ROX) across the customer journey is becoming more important as a measure of a company’s success. Moving beyond traditional return on investment (ROI) metrics, financial institutions must evaluate how well they are meeting customer and employee expectations around products and services, digital delivery, cross-channel integration and sustainability.
With differentiation of product and pricing increasingly difficult, and convenience being defined by the simplicity of mobile and online engagement, financial institutions are rethinking how they deliver an exceptional experience across the entire customer journey. With consumer expectations increasing faster than ever, delivering emotionally rich journeys that lead to higher levels of engagement becomes an imperative.
Leading financial institutions are improving experiences by simplifying back-office processes and delivering intuitive solutions across all channels. Research from Forrester found that organizations that invest in experience transformation across people, process and technology demonstrate superior performance, including reduced costs, improved employee satisfaction, increased revenues and greater loyalty.
In fact, Forrester found that experience-driven financial institutions were 1.3x more likely to exceed revenue growth expectations, 1.8x more likely to see improved customer satisfaction scores, and generate 2.5x more website visits compared to other firms. “Banks and credit unions must transform their organizations with an obsession for the customer, with processes that drive continuous improvement through customer insights, people who can design and deliver great experiences, and technology that enables those experiences,” stated Forrester.
During the Covid shutdown, consumers had to respond immediately and adopt new habits. Many wondered whether these changes – many of which accelerated trends that were already in motion – would be temporary or permanent. PwC’s June 2021 Global Consumer Insights Pulse Survey, conducted in March 2021, found that the most changes are sticking.
Consumers are more price-sensitive, more savings-oriented, more digital and more conscious of the environment. They also want organizations who know them, look out for their well-being, and are “local.”
In fact, research from PwC revealed that companies that make customer experience a priority can charge a premium of up to 16% for their products and services.
Financial institutions are increasingly exploring return on experience (ROX), a metric that captures the results of investments in digital experiences. The benefit of tracking these metrics is that it expands beyond traditional satisfaction scores or product-line measures to provide a global perspective on the bottom-line benefits of delivering superior experiences. This metric can also keep experience projects on track and make them more successful.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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