Standard Life has teamed up with Moneyhub, an open finance data and payments fintech

The partnership will enable Moneyhub to power Standard Life’s digital app and dashboard, helping Standard Life to roll out its own open finance-powered tool, Money Mindset, to its existing 1.5 million workplace pension scheme members. Money Mindset provides workplace scheme members with real-time spending and saving data across a wide range of financial products.

Once members’ accounts are connected to Money Mindset, they can view all their spending and saving activities in a single place. In addition, they can receive personalised, actionable nudges to help them manage their finance.

The rollout comes at the same time when 90% of employers say the financial well-being of their employees is important to them; around three in four (75%) people don’t know how much they have in pension savings, while 72% have done little or no planning for their retirement.

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

“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.”

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Moneyhub: Company profile

Moneyhub is a software developer of open banking, finance, and data applications. In July 2021, the business raised $18m in an investment round led by British entrepreneur Peter Wood.

One year later, in October 2022, Moneyhub raised another $50m in funding, this time from Legal & General and Lloyds Banking Group. In addition to that, the company raised a $6m debt facility from Shawbrook.

Samantha Seaton, CEO of Moneyhub, welcomed the collaboration with Standard Life.

“Understanding your finances is the first step on the financial wellness journey”, Seaton said. “If we don’t understand what we have now and our current spending patterns, it is almost impossible to find ways to better manage our 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.”