We are a nation with a substantial pile of debt through mortgages, personal loans and credit cards. The more we can ‘tap and go’, the less of a relationship we have with our money. If we continue to leave this unchecked, the effects both short and long-term can be devastating.
The Fintechs aren’t just coming, they are here and they look great! New players such as Xinja, Volt, 86 400 and Judo are entering the market in a big way. They are gaining momentum and delivering some very innovative products. The advantages are many, from being able to track your finances in real-time, simplistic apps, intuitive designs and tracking of spending will hopefully lead to better money management and accountability to the users en masse.
Another company Raiz, has a great product which allows you to organise an automatic ‘round-up’ each time you spend money and this then gets invested in a pre-determined model which can be adjusted to suit your attitude to risk. While this isn’t new, it can be a great way to kick-start 2020 with a little savings plan, whether that be for the next holiday, a car or a home deposit. You will be surprised at how quickly those little amounts can add-up over time. It can serve as a great way to see just how much you are spending or running through your credit card.
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