Millions of us go through life knowing that we should be doing more to save and invest for the future, but we leave it at the bottom of our to-do-list because we don’t know where to start. This isn’t surprising when most of us weren’t taught how to save and invest at school, although 90% of 18-35 year olds wish they had been*.
This means that our money isn’t working as hard as it should be and could also mean we don’t have a plan in place when unexpected events arise. We asked Moneybox users if the Covid-19 lockdown had changed their savings habits or attitudes towards saving money. Over 34% said they feel more uneasy about their financial future, with “planning and having emergency savings” being the overwhelming ‘money lesson’ learnt.
To further support our mission of helping everyone save and invest for the future, we’ve launched a simple 5 step guide – Money-Smart with Moneybox.
We’re breaking down the basics of how to get started and make your money work harder. You’ll learn how to save without the sacrifice, understand what saving and investment accounts are best for your goals, tips on how to invest like the best, and important information on why you need to be thinking about your pension now. Head to the Moneybox Blog now to find out more!
Moneybox+ 30 new brands!
We welcomed 30 new brands to Moneybox+ last month, including Audible, Nike, FatFace, Habitat, Mindful Chef and Littlewoods. As well as some great offers, you’ll earn rewards into your Moneybox account whenever you shop through Moneybox+. One user has already earned over £382 this year! Head to the Discover tab of the app to check out all of our new brands and offers! (T&Cs apply).
Round Ups – American Express is back
We’re pleased to announce that American Express round ups are back! 🎉 To connect, please upgrade to the latest version of the app. Then head to Settings > Round ups > Round up accounts, select your bank and then tap on ‘Connect’. Once connected, you’ll see your connection with an expiry date and you will need to reconnect every 90 days. Thanks for your patience while we’ve worked on getting this connection live. 🙏
In the news 🗞
- The Lifetime ISA saw a big change last month, with the government making a temporary reduction to the withdrawal charge from 25% to 20%. If you are saving with a Lifetime ISA, here’s what these changes means for you.
- We think the Lifetime ISA temporary penalty reduction is fantastic news as we’ve been campaigning for the penalty charge to be removed since the introduction of the account. We’ll be pressing for this reduction to be made permanent.
- Evie the Golden Retriever, who accidentally ended up looking like a money box after a shaving incident, became our Honorary Moneyboxer of the Week! Cue the puppy eyes.
Behind the scenes 🎬
From hitting 10,000 pension transfers to launching contributions, we’ve come a long way since the Moneybox Personal Pension beta went live in January 2019! We now have our own dedicated ‘retirement team’, and this month we caught up with our Pension Transfer Executives Adam, Kasey, Max, and Sherina, as well as team lead Lee to find out more about the world of pensions.
Please note Moneybox cannot accept a pension you’re currently paying into, or any old pensions that provide guaranteed benefits when you retire.
For the Lifetime ISA, an early government withdrawal charge may apply. Eligibility criteria apply.