Standard Life has partnered with Moneyhub to integrate open finance functionality across its app and dashboard.
This move will benefit Standard Life’s 1.5 million workplace pension scheme members who will now be able to view all their finances with the company’s new Money Mindset tool.
This will enable these scheme members to connect their bank accounts, loans, pensions, mortgages, credit cards, Isas and other financial products in one place — effectively giving them 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 research from Standard Life shows that nine out of 10 employers say the financial wellbeing of their employees is important to them, and three in four (75 per cent) people don’t know how much they have in pension savings. Standard Life also found that seven out of 10 (72 per cent) have done little or no planning for their retirement.
Standard Life says it hopes this enhancement the app and dashboard will help provide the information needed for scheme members to plan for the future.
Standard Life head of workplace Neil Hugh says: “Many people feel overwhelmed when engaging with their finances. 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.”
He adds:“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.”
Moneyhub CEO Samantha Seaton adds: “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. 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.”
She says the company was that Standard Life would be using its technology to educate and empower users to take charge of their finances.