Did you know that one in 10 British adults admit to spending more than they earn, whilst a whopping 7.8m millennials (classed as 18-35 years old) do not have savings or investments in place to help them to achieve their life ambitions?
To us this is shocking, and it's why we set out to build the leading European solution for saving and investing for the long term. Now, you might think there are a lot of alternatives on the market; from traditional bank offerings, to the challenger bank solutions to other saving apps. However, at Oval Money we believe our mission is to help you do more than just short term saving, it is to provide financial education that lets you build long term stability. Yes, putting money away to go on a beautiful holiday or to buy the newest tech gadget can be rewarding, but it can't be really considered saving!
This is why we have spent the last two years developing our product to give our customers the best solution on the market, and here are what sets us apart;
1. We believe in starting early and putting money aside daily
CNBC calculated how much you need to save daily in order to retire as a millionaire by the age of 67. If you start at 23, it is about $14 a day (assuming a yearly compounded interest of 6%.)
2. You never have to switch your bank account to access saving solutions
Thanks to our app you can collate all your bank accounts in order to create a holistic view of what and where you are spending, including those recurring expenses that hit your account monthly.
3. We believe in giving up short term spending to fulfil life long goals
Getting a better understanding of how you spend can help you make a plan to cut some unnecessary monthly subscriptions and start setting this money aside to buy a home, send your kids to college, or for retirement.
4. We believe savings should grow
We are working to bring investment and insurance products to our platforms to encourage our users to diversify across multiple solutions, and personalise their portfolio of investments in order to help their savings grow over a longer time span.
5. Saving should always be free
The Oval Money app will not charge you a monthly fee; the only cost to users is the management fee of investment products selected in the marketplace, of which Oval Money takes a cut.
We hope you enjoy Oval Money and please send us your feedback. We always love to hear from you! And don't forget to #BeMoneyWise!