Investing may not top the pile of money matters for most young people, but one man is hoping to change the way millennials and generation Z think about their finances.
Unusually, in an industry known for complicating matters, he is doing this by trying to make things simple.
But then, even more unusually, Ben Stanway’s previous entrepreneurial endeavour was a business that shook up the flower delivery world.
Ben, 37, is not only the co-founder of Moneybox – an app that helps people with their investments – but also Bloom & Wild, a flower delivery service.
Technology: Moneybox lets people look after their Isas and bank accounts through their app
Moneybox aims to do this through its app which lets customers invest money and decide whether they want to be a cautious, balanced or high-risk investor.
It is also well known for its handy round-up feature that will top up, to the nearest pound, money spent. For example, if someone spent £3.50 on lunch, an extra 50p would be invested.
People come out of school not knowing what their finances mean
By encouraging younger people to invest little and often, Ben hopes it will make them more confident when it comes to their finances.
He is passionate that much more could be done to help younger people with their financial education.
He said: ‘I strongly feel that the industry needs shaping up. People come out of school not knowing what their finances mean.’
However, there is still a way to go to get everyone involved in investing as, at the moment, Moneybox’s average customer is 31 years old and male.
This was not intentional on Moneybox’s behalf but it is hoped that as the company progresses, the people beginning to invest will diversify.
Next, the company is looking to tackle people’s pensions.
‘There is an apathy from pension companies to their customers.
‘They take them for granted and there is just the assumption that the customers will stay with them.
‘There is a complete disconnect from pension companies but we believe that people deserve better.’
The team is trialing out a new pension service that will put everyone’s pensions pots in one place so users can keep track of how much is in their pension and helping plan effectively for the future.
It is hoped that this will feature will launch by April.
Ben wants Moneybox to continue growing and is hoping the platform will have upwards of five million users in the future.
At the moment they have 160,000 customers, which they’ve achieved in just under two years.
‘We want Moneybox to be a mass market saving and investment platform. We want to be the place that you go to.’