Today (Saturday 28 March) is Financial Wellness Day. WiseAlpha, in collaboration with MasterInvestor, are encouraging people to get involved with the hashtag #FWD and share their thoughts on what financial wellness means to them. You can get involved here.
At FinTech Alliance, we decided to take a look at what our community is doing to promote financial wellness through a variety of innovative products and platforms.
Spotlight on… Raisin
Raisin serves over 220,000 savings customers across Europe. Its savings marketplace was built with the aim to save customers time and money. The business has made searching online for protected savings accounts from different banks more convenient, and has also made it easier to apply, deposit and manage savings all in one place.
The business recently looked at the psychological stress money can have with its article, Money on our Minds. It includes practical tips on how to manage relationships with money better.
Kevin Mountford, Co-Founder of Raisin UK, says that making simple steps and getting into the right habit can make people feel more positive about their finances and pave the way toward wider goals.
“It may sound simple, but you may find that putting money away at the beginning of the month is more effective than trying to save whatever you have left… even setting yourself a target of putting away £20 to £25 as soon as you get paid will get you into the habit of saving regularly.”
Mountford adds that getting used to saving is “half the battle” in forming healthier relationships with money. “Whether you’re saving for something specific or your future, setting a savings goal may help you work toward a secure financial future,” he adds.
More from the community
We are very fortunate nowadays to have a range of tools at our disposal to help us manage our money better and promote financial wellbeing. Whether through making it easier to save, educating us about finance or making us aware of the options available for loans and mortgages, the FinTech Alliance community has some great examples:
Spark Mortgages is currently busy creating specialist financial products to enable young people to become homeowners earlier than they might otherwise be able to.
In the words of CEO Peyman Ramezani, “Spark enables home ownership for first time buyers whatever their affordability”.
Tapoly is an InsurTech which provides on-demand flexible commercial insurance products specifically for the gig economy.
Freelancers and those running small businesses can find finance a headache at the best of times, and having to fork out for insurance when you don’t know how much business you will have coming in can be a source of stress. Tapoly offers a flexible solution for insurance as and when it is needed, for example for a specific project.
Smartpurse is an e-learning business that empowers women to be confident with money, so they can work toward an independent, secure future and invest in a way that is in line with their values.
Often, stress and negative feelings come from being overwhelmed and a lack of understanding. If we are empowered with the right knowledge to make independent, informed decisions, this is a positive step toward financial wellbeing.
Wombat is opening up the investment space for everyone by allowing people to easily invest in funds from £10, for free on accounts up to £1,000. It also allows people to save as they spend via roundups.
Opening up the finance space makes people feel empowered. Often we think investment is for a specific type of person, but with Wombat everyone has the chance to get involved and try to make a profit. Additionally, the platform allows users to invest in various categories they feel passionately about.
Another investment platform, Wealthify aims to cut out the jargon and complication that can often make investment seem exclusive.
Wealthify builds you an investment plan or ISA and manages it for you. With this digital savings and investments tool, anyone can become an investor “in minutes”.
Monevo is Europe’s largest personal loan marketplace, connecting business partners with consumers to revolutionise the way people access credit.
Often searching for finance alternatives can be daunting, especially as it can damage your credit score. This creates a lot of stress for people and also means they usually pick the first provider to offer them a loan, even if it’s not the best deal. Monevo helps people become aware of their options without damaging their score, so they can make the best decision for them.