Standard Life has partnered with open finance data and payments fintech, Moneyhub, to enhance its digital app and dashboard.

The move will see Moneyhub roll out its open finance powered tool, Money Mindset, to its existing 1.5 million workplace pension scheme members.

Standard Life, which is part of Phoenix Group, said the addition of Money Mindset within its own app and dashboard can provide its members with instant insights and greater control over finances by allowing them to connect their bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products in one place.

Money Mindset users can also trace lost pensions, assess state benefit eligibility and bring their pensions savings together.

The rollout comes as nine in 10 employers say that the financial wellbeing of their employees is important to them, according to Standard Life’s own research. These findings showed that three in four (75%) people don’t know how much they have in pension savings and 72% have done little or no planning for their retirement.

“Many people feel overwhelmed when engaging with their finances, and this can lead to a cycle of financial un-wellness,” head of workplace at Standard Life, Neil Hugh, commented.

“We recognise that pensions are just one part of the puzzle and that many people just don’t know where to start or don’t have the confidence to take the initial steps to improve their overall financial capability. With Money Mindset you can see your ‘whole world’ of money in one place, in ‘real time’ so you can begin to manage your finances more effectively.

“Working closely with Moneyhub we’ve introduced functionality that allows people to use Money Mindset within our member app and dashboard in a way that suits their lifestyle, whether on the train or bus, grabbing a coffee or even when you’ve a few minutes to spare, and to dip in and out at a time that suits them.”

Moneyhub CEO, Samantha Seaton, added: “Only once we have a full and holistic view, can we find ways to improve our money management, boost savings, and ultimately enhance our later life pots.

“We’re thrilled to be working with Standard Life to support their scheme members in improving their money mindset, using our technology to educate and empower users to take charge of their finances and make tangible changes in how they view and manage their money.

“It’s fantastic that Standard Life has the foresight to understand that the only way to boost pension savings is to start at the very beginning, and we’re looking forward to working with the team as we continue to innovate and find new ways to support scheme members improve their financial wellness.”

Share Story: