Challenge
Understanding Finances
A 2021 survey by investment app Freetrade reported that 88 per cent of UK adults don’t feel confident in their financial literacy. This includes lacking knowledge of saving, annual percentage rates (APRs), and even bill payments such as Direct Debits.
Solution
Budgeting apps
Our 2021 Impact Report revealed that people using money management apps found that they help them to keep to budgets, reduce unnecessary expenditure, shop around for deals, and minimise bank fees and charges.
For some people, their money management app also gave them a clear view of their day-to-day incomings and outgoings in a digestible and categorised way that was easy to understand and act upon.
Some apps can also help cut unnecessary expenditure (for example, on unused or duplicate subscriptions), shop around for switching deals, track refunds, and minimise bank fees.
