Simon Gulliford: why financial literacy matters in business and marketing

When Simon Gulliford (pictured) graduated in 1980 from Hatfield Polytechnic (which became the University of Hertfordshire) with a degree in Social Sciences, he admits he had no clear career plan. What he did have was an entrepreneurial spirit and a determination to build a secure future for himself.

Since then, Simon has enjoyed an exceptional career at the highest levels of business. He has served as Chief Marketing Officer at easyJet, Standard Life and Barclays, and was formerly Chairman of the Hendy Automotive Group. In 2025, the University of Hertfordshire recognised his achievements with an Honorary Doctorate in Business.

Looking back on his career, Simon believes a strong understanding of financial literacy played a crucial role in his success and encourages Herts students and graduates to develop the skill for themselves.

Financial literacy is the knowledge and skills needed to manage money effectively, including budgeting, saving, borrowing and understanding how financial information can be used to make informed business decisions.

Simon's understanding of financial literacy began during his time as a Herts student, when he established a business that employed fellow students and operated 27 market stalls.

"No one ever sat me down and explained the difference between cash and profit," he recalls. "I thought that because I had money left at the end of a market day, I'd made a profit. What I hadn't considered was the nature of fixed and variable costs, such as the cost of transferring stock and warehousing.

"I learned just how important financial literacy is because I ran out of money. Luckily, I received great advice and quickly recovered."

The experience taught him an important lesson about decision making. Without a clear understanding of costs, cash flow and profit, it can be difficult to make sound business decisions, even when a business appears to be performing well.

For Simon, financial literacy is essential not only for entrepreneurs running their own businesses, but for leaders responsible for the prosperity of major organisations.

Turning insight into opportunity

During his time at easyJet, he identified a customer group the airline was failing to serve effectively: commuters. Analysis of passenger data revealed that a significant number of customers were taking the same flights every week for work. However, easyJet's website only allowed them to purchase tickets for one journey at a time.

The solution was straightforward. Make it easier for commuters to book multiple journeys in a single transaction.

For Simon, the experience highlighted the importance of looking beyond conventional market segments and understanding how customers actually behave. By pairing customer insight with a clear understanding of the value generated by different customer groups, organisations can uncover opportunities that drive customer satisfaction and commercial success.

Understanding what drives value

At Barclays, he encountered a different challenge. The bank, he says, was focusing too heavily on individual products rather than the overall value of customer relationships.

"Some of Barclays' most valuable customers were owners of medium-sized businesses who used multiple Barclays products," Simon explains. "However, the bank operated in separate business units, with each product managed independently.

"For example, a customer might receive a late payment charge on their credit card because they had been on holiday and forgot to pay it. Even if they generated significant value for Barclays across several products, the bank would often refuse to waive the fee because that was standard policy. The result was that a customer could be lost over a relatively small charge."

In Simon's view, the issue was that Barclays was measuring product profitability rather than customer profitability.

Understanding the difference enabled better decision making. Rather than focusing on the performance of individual products, the bank needed to consider the overall financial value of each customer relationship.

Building confidence with financial literacy

Despite the importance of the subject, Simon is keen to emphasise that financial literacy is more accessible than many people assume.

"Financial literacy is nowhere near as complex as people think it is," he says.

Whether running a market stall, launching a marketing initiative or leading a large organisation, the ability to interpret financial information can help people identify opportunities, avoid costly mistakes and create long-term value.

He recommends that students and graduates build their understanding through reading. The books that have influenced him most are:

• Good Strategy, Bad Strategy by Richard Rumelt
• Tiger by the Tail: A Life in Business from Tesco to Test Cricket by Ian MacLaurin
• The PIMS Principles: Linking Strategy to Performance by Robert Buzzell and Bradley Gale
• Odyssey: Pepsi to Apple by John Sculley and John Byrne