As we are nearing Talk Money Week 2021, the taboo around money is dissipating and 65 percent of Brits feel more comfortable discussing their finances with the help of technology. Talk Money Week 2021 is an annual awareness campaign run by the Money and Pensions Service and is designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance.
Fintech helps break money taboo
Plaid’s latest report, The Fintech Effect, reveals that 88 percent of UK customers claim that fintech apps and services have helped them to manage their finances, break the taboo of discussing money, and more.
Plaid’s 2021 annual report found that fintech apps and services have played a key role during the pandemic as a force for good, enabling UK users to save time claim 56 percent of them, and money claim 42 percent and understand their finances better claim 36 percent.
Also, it has helped make people’s finances more social, thereby breaking the long-held taboo of discussing money. 69 percent of UK respondents state that digital tools have helped to make money more social, with 65 percent being more comfortable discussing finances as a result of technology. Indeed, for 44 percent, financial tools and apps have even become a subject of dinner table discussion in the last six months.
As well as helping encourage financial discussions, fintech use has helped boost the wellbeing of UK consumers. 49 percent admit that they now feel more in control of their finances since using fintech, while 36 percent said that fintech has helped reduce fear and financial stress in their lives.
Keith Grose, Head of International, said: “With the flurry of activity in fintech funding, chatter around market valuations, and notable acquisitions in recent months, it can be easy to forget the more important role that fintech can play in improving peoples’ everyday financial lives. Helping people to manage their money during stressful times, improving convenience, and bettering the financial services experience are all of the forces behind what is driving fintechs’ success.”
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