Today digital investment service provider Munnypot revealed it has formed a strategic partnership with financial support service provider YouDrive. The two companies share a commitment to helping people access low cost advice with the aim of making better financial decisions.
Together they intend to roll out a number of innovative offerings and develop educational content to help people feel positive and informed about their finances. This will include Munnypot providing online financial advice, as part of YouDrive offering planning solutions to employers designed to enable their employees to feel engaged and rewarded, thus improving staff retention.
Formed in 2015, YouDrive aims to help people get control of their finances by providing money saving and financial planning tools online and over the phone. The company is actively supported by Birmingham City Council (BCC) and is on a mission to address the service, support and advice gap for the financial needs of the consumer in the Midlands, before expanding out geographically.
Munnypot is an online savings and investment service giving anyone straightforward automated financial advice in a language they can understand, at a fraction of the cost of most financial advisers. It provides an intuitive WhatsApp style ‘chat-based’ user-interface that advises people on their savings and investment decisions.
Chris Large, Director, YouDrive said, “Financial stress and anxiety for individuals is one of the biggest burdens on employers, employees and ultimately the country. We’re on a mission to address this and our partnership with Munnypot is key: we can now give our users a smart way to access certified financial advice and find the most suitable savings and investment options for their circumstances.”
Simon Redgrove, co-founder of Munnypot, said, “We’re delighted to partner with YouDrive to bring affordable, accessible financial advice to tens of thousands of people in the Midlands area and beyond. Munnypot has had great reviews since launch and working with partners like YouDrive, who share our determination to close the UK’s financial advice gap, should bring the service to the attention of even more people. We want the British Public to fall back in love with savings to enhance their financial futures.”
Recent independent research1, commissioned by Munnypot, found that over a quarter (27%) of people have no existing savings pots, and a third (32%) saved nothing at all last year. Even those that save regularly may be struggling to increase their funds – the research showed that over a quarter (26%) of the UK’s savings actually shrank in 2016, as many people withdrew more than they put in.