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Unlocking Financial Freedom for the Self-Made: Insights from Kitty McCromick of Santander UK

podcast July 15, 2025

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In this engaging episode of The Cashflow Show, host Clayton M. Coke is joined by Kitty McCormick, Head of Wealth at Santander UK, to explore the financial challenges and opportunities for the UK’s one million Self-Made high earners. Representing 14% of top earners, this group holds £40.7 billion in idle cash savings due to low financial confidence. Kitty discusses Santander’s push for government-backed financial education, the barriers faced by Self-Made individuals from lower socio-economic backgrounds, and how businesses and policymakers can empower this cohort for long-term financial success. 


Key Discussion Points

  • Defining Self-Made: Self-Made individuals are top 20% UK earners from less privileged backgrounds, often entering work or apprenticeships (44%) rather than university (25%). 
  • Idle Savings: The Self-Made hold £40,000 on average in cash reserves, totaling £40.7 billion, often due to a lack of financial literacy and confidence. 
  • Barriers to Confidence: Only 52% of Self-Made individuals discussed money growing up, compared to 74% of other high earners, limiting their investment knowledge. 
  • Financial Education Gap: Financial literacy is not mandated in UK schools or apprenticeships, creating a “lottery” for accessing financial knowledge. 
  • Santander’s Advocacy: Santander calls for financial education in apprenticeship programs, Open Finance data to target Self-Made support, and a campaign to demystify investing. 
  • Business Support: Santander’s Work Café initiative offers co-working spaces and events to support Self-Made entrepreneurs and professionals.

Key Takeaways

  • The Self-Made cohort’s £40.7 billion in idle savings highlights a critical need for financial education to unlock economic growth. 
  • A scarcity mindset and lack of early money conversations hinder Self-Made individuals from investing confidently. 
  • Apprenticeships are a key entry point for Self-Made success, but they lack integrated financial literacy programs. 
  • Santander’s push for government collaboration aims to democratize financial tools, ensuring background doesn’t limit opportunity. 
  • Businesses can play a role by offering practical support like co-working spaces and tailored financial guidance for Self-Made employees and entrepreneurs.

Notable Quotes

  • “Your background shouldn’t be a barrier to your future success.” – Kitty McCormick 
  • “Confidence is rooted in knowledge and understanding… in safe spaces with articulate and helpful people.” – Kitty McCormick 
  • “We’re not here to tell anybody what success looks like. We’re here to support them to achieve it as they define it.” – Kitty McCormick

Actionable Insights for Businesses

  1. Integrate Financial Education: Partner with banks like Santander to offer financial literacy workshops for employees, especially those from non-traditional backgrounds. 
  2. Support Apprenticeships: Embed financial planning modules in apprenticeship programs to empower Self-Made workers early in their careers. 
  3. Create Safe Spaces: Foster open discussions about money to reduce stigma and build confidence among Self-Made employees. 
  4. Leverage Open Finance: Use data-driven insights to tailor financial products or services for Self-Made clients, addressing their unique needs. 
  5. Offer Practical Resources: Develop initiatives like Santander’s Work Café to provide co-working spaces and networking events for Self-Made entrepreneurs.

Resources

The Cashflow Show can be reached here:
Website: www.thecashflowshowpodcast.com 

Email: thecashflowshowpodcast@gmail.com

Twitter: https://twitter.com/thecashflowshow 

Instagram: https://instagram.com/thecashflowshowpodcast

To sponsor or advertise on The Cashflow Show Podcast, contact us at thecashflowshowpodcast@gmail.com

Clayton M Coke can be found here:
LinkedIn: https://uk.linkedin.com/in/claytoncoke

Website: https://www.prmsltd.co.uk

Email: info@prmsltd.co.uk
Twitter: https://twitter.com/prmsltd
Instagram: https://www.instagram.com/prmsltd/

Our theme music is called “The Mediator – aka Theme from The Cashflow Show” [PRS] and “Better Call Clayton” [PRS] 
As an Amazon Associate I earn from qualifying purchases. 

“What are YOU like?” & “60 Second Shoot-out” are both intellectual properties of Dialogue [London] Ltd

(c) Clayton M Coke/PRMS Ltd/Dialogue [London] Ltd | All Rights Reserved 


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