Digital investment service provider Munnypot has formed a strategic partnership with financial support service provider YouDrive.
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 supported by Birmingham City Council.
Chris Large, director, YouDrive, commented: “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, added: "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 research, commissioned by Munnypot, found that over a quarter (27 percent) of people have no existing savings pots, and a third (32 percent) saved nothing at all last year. The research also showed that over a quarter (26 percent) of the UK’s savings actually shrank in 2016, as many people withdrew more than they put in.