How tech may help younger savers discover the instruments for monetary literacy
“Before I found Moneybox, I was saving a bit every month, but I had no idea how much to save or what for. Since joining Moneybox, I’ve saved so much more than I could have saved without Moneybox and started investing. “
Rhys joined Moneybox because he wanted to buy more of the London apartment he had bought under the shared ownership program, which allows buyers to own part of their home and pay rent on the London apartment.
Rhys had never learned anything about finance in school and knew he had to take the reins and find the right tools for him.
“The way I think and feel about my savings has also changed. I now check the status of my accounts more regularly, understand the various products and services available to me, and manage my finances more proactively, ”said Rhys.
Giving customers the right tools
We also spoke with Charlotte Oates, director of marketing for Moneybox, to understand how Moneybox is helping bridge the financial literacy gap for people like Rhys.
“Financial literacy means having access to the right tools and information to make confident decisions about your money. However, almost two thirds of 18 to 35 year olds do not feel that they have all the information they need to plan their financial future * safely. “
“Not surprising when most of us have not been taught how to save and invest in school and certain parts of the industry are only set up for a wealthy minority.”
“While financial literacy is now on the curriculum, 90% of 18-35 year olds would like them to have learned it in school *.”
Closing the literacy gap
“At Moneybox we are motivated to fill the financial literacy gap and help people save and invest for their future. Regardless of what stage of your life you are in, understanding the basics of finance is incredibly important. Without this, your money won’t work as hard as it should and your goals will be harder to achieve, whether you’re saving for a home, vacation, or just a rainy day. “
“This is why Moneybox came to life. Our mission is to make it easy to get started, to offer products for every need, and to encourage customers to make the right savings and investment decisions throughout their lives.
“In addition to the simple user experience and the content available in our app, we’ve created a ‘Get Money Smart’ guide specifically designed to support financial literacy and break down the basics of saving and investing for your future. For us, this is just the beginning, and we are committed to providing our community with the tools and information they need to get the most out of their money. “
“We believe that all companies in the industry should get creative and see what they can do to improve financial literacy in the UK. It would be a simple starting point to help customers understand what a product is, how it can be of use to them, and what to consider before using it. “