Financial Wellness: How To Do Fintech Well?

Financial Wellness: How To Do Fintech Well?

Financial Wellness: How To Do Fintech Well?

Fintech – Ahead of Innovate Finance Global Summit on 29th-30th April at The Guildhall in London, I spoke to Dan Cobley, Managing Partner of Fintech at Blenheim Chalcot, Daniel Haegarty, CEO and Founder of Habito, Francesca Carlesi, Founder and CEO of Molo and Freddy Kelly, CEO of Credit Kudos about financial wellness, how fintech can support this initiative, so-called fintech gimmicks and how banks can do more to support their customers.

What is financial wellness?

Dan Cobley, Blenheim Chalcot

Financial wellness is the degree to which an individual ‘worries’ about their personal money issues. Personal money worries are a function of spending, saving and borrowing habits. We at Salary Finance have conducted extensive financial wellness surveys of 10,053 U.K. employees and 10,482 U.S. employees. 48 percent of U.S. employees have financial worries. They are four times more likely to be suffering from depression and three times more likely to be suffering from anxiety/ panic attacks than those that do not have financial worries.

Daniel Hegarty, Habito

Financial wellness means feeling fully empowered to make financial decisions and feeling like you have control over your financial destiny. Consumers’ worries around mortgages come in a large part from not feeling in control. A mortgage is the largest debt most of us will ever take on in our lives, and it’s full of complicated jargon, unrelenting paperwork, multiple parties involved up and down the chain, and it can take months. Habito research found that 62 percent of people with a mortgage suffered some form of stress or anxiety during their mortgage application process.

Francesca Carlesi, Molo

For me it means more than just ensuring that people have the ability to effectively manage their financial matters, and should mean that people have the tools or products, and confidence, to ensure that they are as financially secure as they can be for their current and future life stages. Either way, it should mean that money matters are not causing issues for people, or playing on their minds in any way.

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