It’s more than salaries and pensions: Moneyhub tells us what good financial health looks like
Content and Communities Manager Ellen Cale explains how the money management app Moneyhub, which YuLifers can now access free for six months, helps people build good financial wellness habits.
Yugi the Giraffe - 30 May 2022
Online banking has come a long way in recent years. But still, when you glance at your bank account online or via an app, is it quick and easy to tell where your money is going, and whether you're on track in general? Nope, us neither.
It’s why YuLife has partnered with Moneyhub, a groundbreaking financial wellness app that YuLifers will have access to for their first six months.
Moneyhub doesn't replace your banking app, but sits on top of it, and makes it much easier to follow what's going on in your financial life. And that's the perfect starting point to help you plan ahead and reduce the burden of money worries.
We chatted to Ellen Cale, Content and Communities Manager at Moneyhub Enterprise, to learn how it all works in practice.
What is Moneyhub?
As Ellen explains: "Moneyhub is a central space where you can group all your accounts from all your different providers. These might include, for example, your current account, savings, investments, pensions and more. Then through auto categorization and clever AI technology, Moneyhub analyses transactions across all these accounts – any kind of movement of money – and auto-categorises them, so that it's easy to see what's going on."
Moneyhub's mission, then, is clear. "We want to be able to give consumers complete control and visibility of all of their financial data with ease, rather than complicate it," says Ellen. "And then they'll be able to make informed choices based on that data. "
Why it's important
It's a simple but powerful idea. As our financial lives get ever more complicated, and as we juggle multiple services on multiple platforms, it's common these days to experience a kind of snow-blindness, where you're not really sure if you're in rude financial health or heading off the edge of a cliff.
As a result, Ellen points out, it's easy to bury your head in the sand. "We've all been there, where you get that sick feeling in the pit of our stomach, and you're afraid to look at what the situation with your money is," she says . "But Moneyhub can really take that fear away.
"It means your bank account doesn't have to be a scary thing. And it means you're not in this alone; we're there to help you on this journey."
Easy and customisable
Moneyhub is not, of course, the only platform active in this space. But for our money, it's definitely the best right now. The interface is super-easy to use, and really does make it easier to see what's going on with your accounts and payments clearly. That's partly because it's so customisable.
Ellen offers an example of how this can be useful. "On my own bank's app, the number of categories I can apply to my transactions is very limited," she explains. "Moneyhub, in contrast, offers a very extensive range of categories, and it also lets you create your own categories to apply to your transactions. So that really helps me to organise things in a way that suits me personally."
You also get a huge array of options for the services you can draw into Moneyhub. "In the UK, we have direct connections with the widest range of providers," Ellen points out. "For instance, if you've got a property, you can connect to Zoopla and track the valuation within Moneyhub. If you're renting, you can report your rent directly through Moneyhub too. Having these kinds of connections gives you more opportunity to manage the whole of your portfolio in one place."
Building healthy habits
The demographic using Moneyhub is wide, covering everyone from teenagers to pensioners. But the service has a particular interest in engaging with a younger demographic, where it sees huge potential for building good financial habits that will last a lifetime.
Right now, they're busily building out content for this audience, some involving influencers, to educate young people within the app and across social media.
"At the moment, our society's in this strange tipping point," says Ellen. "We all have access to so many apps for managing our money. But with most of them, there's a real lack of engagement. So we really want Moneyhub to feature easy steps that help take control and feel empowered."
This starts with simply connecting your account, and looking at what's going on inside it. "And then you start to take control, and see the benefits of being aware of what's going on with your money," continues Ellen.
"From there, it begins to snowball. You start thinking, 'Actually, this isn't so bad. Having some control over this feels good.' And then once you grow into confidence, you might start thinking about saving for your pension, for example." In this way, people start to build habits that break the mental health and money-worries cycle that's so prevalent in today's society.
"It all starts with acknowledging what’s going on with your money," concludes Ellen. "When you’ve got debt, or a lack of savings, it can seem like you're climbing a mountain. But Moneyhub helps you take control, and that's vital for our good mental health and wellness over the long term."
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