Calls for 'digital financial passport' to boost saving
Managing money would be easier, and we'd be more likely to save, according to study.
People would find it easier to manage their money if all of their account details were held in one place online, new research has suggested.
The study, from The Savings and Investment Policy (TSIP) project, revealed that more than a third (36%) of Brits said managing their finances would be easier if all of their details were accessible on a single website. What’s more, a whopping 90% said they felt comfortable using technology to access their finances.
As a result, the financial firms behind TSIP have called for a ‘digital financial services passport’ to be considered.
Making things easier
According to the results, almost 20% of people are currently not saving at all, while 11% are simply saving money at home (whether in a money box or under the mattress) rather than in a dedicated savings account or investment.
Yet almost a third of people (31%) said they would save more if the process of opening a savings account or investment product and transferring money was made easier. That jumps to nearly 50% of those aged between 18 and 24, the exact age group that is often highlighted as not saving enough.
That’s why TSIP is looking at a ‘digital financial services passport’, which would authenticate your identity and make it quicker and easier to open new accounts and move your money around.
Carol Knight, operations director of the Tax Incentivised Savings Association (which is behind the TSIP project), said the industry needs to consider “dynamic solutions” like a digital passport in order to meet savers’ needs.
She added: “Unless financial products become more accessible, the savings gap will widen.”
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Seeing all of your details in one place
While a formal ‘money passport’ is some way away, it is actually already possible to see all of your financial details in a single place thanks to lovemoney’s Plans app.
With Plans, you can bring together the details of everything money-related in your life, from the size of your ISA and pension, to your Council Tax bill and the value of your home. You can see all of your assets and liabilities in one place, and get a snapshot of exactly how much you’re worth.
What’s more, you don’t even need to upload the info yourself. You can simply take a picture of your documents for the Plans team to compile, or forward them in via a secure Plans freepost envelope and we’ll do it for you.
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