Standard Life, part of Phoenix Group, has partnered with Moneyhub, the open finance data and payments fintech, “to enhance its digital app and dashboard, rolling out its own open finance powered tool, Money Mindset, to its existing 1.5 million workplace pension scheme members.”
The addition of Money Mindset within Standard Life’s app and dashboard “provides members with instant insights and greater control over finances by allowing them to connect their bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products in one place.”
The addition effectively “gives members visibility of their short, medium and long-term financial position.”
A range of practical features will also “help users of Money Mindset trace lost pensions, assess state benefit eligibility and bring their pensions savings together.”
The roll out comes “as 9 in 10 employers say that the financial wellbeing of their employees is important to them1 and as three in four (75%) people don’t know how much they have in pension savings and 72% have done little or no planning for their retirement.”
The enhancements to the app and dashboard will “help more people connect with their finances and provide the information they need to plan for the future.”
Neil Hugh, Head of Workplace at Standard Life comments:
“Many people feel overwhelmed when engaging with their finances, and this can lead to a cycle of financial un-wellness. We recognise that pensions are just one part of the puzzle and that many people just don’t know where to start or don’t have the confidence to take the initial steps to improve their overall financial capability. With Money Mindset you can see your ‘whole world’ of money in one place, in ‘real time’ so you can begin to manage your finances more effectively.”
As noted in the update:
“Working closely with Moneyhub we’ve introduced functionality that allows people to use Money Mindset within our member app and dashboard in a way that suits their lifestyle, whether on the train or bus, grabbing a coffee or even when you’ve a few minutes to spare, and to dip in and out at a time that suits them, reflecting ‘real lives’. By providing members with the relevant tools, content and information to confidently manage daily spending and unexpected costs while remaining on track for a secure and sustainable financial future, we will aim to reduce financial stress and help members make better financial decisions.”
Samantha Seaton, CEO of Moneyhub comments:
“Understanding your finances is the first step on the financial wellness journey. If we don’t understand what we have now and our current spending patterns, it is almost impossible to find ways to better manage our money. Only once we have a full and holistic view, can we find ways to improve our money management, boost savings, and ultimately enhance our later life pots. We’re thrilled to be working with Standard Life to support their scheme members in improving their money mindset, using our technology to educate and empower users to take charge of their finances and make tangible changes in how they view and manage their money.”
As mentioned in the announcement:
“It’s fantastic that Standard Life has the foresight to understand that the only way to boost pension savings is to start at the very beginning, and we’re looking forward to working with the team as we continue to innovate and find new ways to support scheme members improve their financial wellness.”
Once members’ accounts are “connected to Money Mindset they will be able to view all their spending and saving activity in a single place, and receive personalised, actionable nudges to help them manage their finances.”
For example, members will be able “to group transactions into different categories to create income and spending analysis, as well as build custom budgets.”
Within Money Mindset there are various additional tools “including a forecasting and projects tool to make it easier to plan for the future.”
Money Mindset will also “include a financial education hub providing access to a range of content spanning different financial topics including managing money, savings and investments, protection and insurance.”
Money Mindset’s features and tools to support users with their overall financial management include:
- Benefits Finder tool – With estimates of £19 billion of unclaimed benefits in the UK this tool helps people determine their eligibility, and points them to the right place to apply
- Pension Finder tool – aims to help members locate lost or dormant pension savings from previous employers by linking to members’ LinkedIn profiles and searching the government’s pension tracing service
- Rent Recognition tool – helps renters moving onto the property ladder by identifying potential rent payments and facilitating reporting to credit reference agencies which could lead to a positive change in a credit score. This feature complements Standard
- Life’s Homebuyer Hub – a digital coaching tool for first time buyers
Standard Life also plans “to add further functionality and features to Money Mindset throughout the year with a focus on helping members navigate family finances, cost-of-living issues, and manage their finances through significant life events.”
A range of support materials “will also be incorporated featuring tutorials, videos and guides, designed to help employers integrate Money Mindset into their financial wellbeing and benefits initiatives is also planned.”
In December 2022, Moneyhub completed “a £55 million funding round including £15 million investment from Phoenix Group, Standard Life’s parent company.”