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Our digital tool, Money Mindset, does more than just support members with their workplace pension. It can also help them make sense of their whole financial world. From budgeting tools to bitesize content, here’s how Money Mindset can support members’ overall financial wellbeing.
The financial decisions members make today could make a big difference to their future.
Whether it’s saving for a house deposit, putting away spare change for a rainy-day fund, or increasing their pension contributions whenever they get a pay rise, it’s the present-day decisions that could make a positive long-term impact.
But these decisions don’t come easy. Members need a decent level of financial know-how, a good understanding of their day-to-day spending, and the resilience to help weather any financial storms. In other words, their financial wellbeing needs to be in good shape.
What does financial wellbeing mean?
Financial wellbeing means members have the financial knowledge and confidence to manage their money and make decisions that could help them achieve their financial goals. It also means they’re less likely to be stressed about money and experience the impact this can have on their mental and physical health.
For your clients, a financially-well workforce can lead to benefits such as increased performance and productivity, fewer financial-related staff absences, and higher retention rates.
Unfortunately, findings from Standard Life’s Retirement Voice 2023 research show that financial wellbeing is at a low point:
- 41% feel positive about their financial situation
- 61% feel confident making financial decisions
- 54% feel comfortable that they understand financial products
We want to make it easier for your clients to empower their workforce and help them feel more in control of their money. That’s why we’ve partnered with Moneyhub* to provide Money Mindset, a real-time open finance platform that helps support employee financial wellbeing.
What is Money Mindset?
Money Mindset is a digital tool that Standard Life workplace pension scheme members can download and access from their phone. This makes it a valuable resource that your clients can promote as part of their financial wellbeing strategy or wider benefits package.
It’s designed to make it easier for people to manage their money, whether that’s checking in on their everyday spending on the go or boosting their financial knowledge with quick tips during their downtime.
Money Mindset features and how these can help members
No matter members’ financial situation, life stage, or level of financial confidence or knowledge, Money Mindset can help by providing tools and support that reflect their needs. Here’s a summary of some of the key features:
1. Financial accounts in one place for greater visibility
At the core of Money Mindset is open finance technology. This works by allowing members to connect all of their financial accounts into one place, including their bank accounts, savings, pensions, credit cards, mortgages, and more.
This means that members can see all their money in real time and get a snapshot of their entire financial lives. With greater visibility of their finances, this could help members feel more in control and make more confident decisions about their money.
2. Bitesize content to boost members’ knowledge
Financial information can be confusing. Money Mindset helps cut down on complexity with jargon-free content that aims to simplify a range of financial topics, from how to manage household bills to budgeting in retirement.
We get that people are short on time, and that’s why every piece of content in Money Mindset is in bitesize chunks and easy to digest. That way, members can get a better understanding of their finances whenever they have a spare moment – whether that’s during a coffee break or between episodes of their favourite TV show.
3. Personalised dashboards to support members’ financial goals
How do members know if they’re making the most of their money? This is an important question. And Money Mindset could help by giving members a personalised experience to support them in reaching their financial goals.
The tool uses real life, real time data – based on member interactions – to create a personalised dashboard that brings together their spending activity, upcoming payments, and budgeting goals in one place. This gives them an at-a-glance view of their recent and short-term financial activity, helping them plan ahead more effectively.
4. Improving financial resilience with Emergency Cash Builder and Benefits Finder
Research by The Money and Pensions Service tells us that 11.5 million people have less than £100 in savings to fall back on.
To help build up members’ financial resilience, Money Mindset includes an Emergency Cash Fund Builder, where they can choose an account as their emergency pot and set a savings target. Every time members add money to their pot, Money Mindset will automatically update progress – making it easier for them to see how close they are to reaching their goal.
They can also use our Benefits Finder tool to find out which benefits they could be eligible for, and how much they could be entitled to, based on the information they provide.
5. Locating lost pensions with Pension Finder
Figures from The Association of British Insurers (ABI) show that there is over £19 billion in lost or forgotten pension pots.
To help reconnect members with their missing pension savings, Money Mindset includes a Pension Finder tool. This works by connecting to members’ LinkedIn profiles and picking out their employment history (with their permission), and using this data to search the government’s pension tracing service.
Further information and support
These are just a few highlights of Money Mindset. Visit our Money Mindset page to discover more ways our digital tool can help. For further information and insights on supporting your client’s financial wellbeing strategy, take a look at our Financial Wellbeing hub and read our articles.
* Moneyhub Financial Technology Limited