Standard Life has partnered with Moneyhub to roll out its own open finance powered tool, Money Mindset.
The integration of Money Mindset within Standard Life’s app and dashboard aims to provide members with insights and greater control over finances, connecting their bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products in one place.
A range of features allows users of Money Mindset trace lost pensions, assess state benefit eligibility and bring their pensions savings together.
The rollout came as nine in 10 employers said the financial wellbeing of their staff was important to them, while 75% did not know how much they had in pension savings and 72% had done little or no planning for retirement.
Neil Hugh, head of workplace at Standard Life, said: “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.”
He continued: “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, added: “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.”
Seaton added: “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.
“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.”
