Each week we take a look at the latest stories from UK fintech. This week one in four Brits do not contribute to a savings account, Starling named official national banking partner for UEFA Women’s EURO 2022 and Brits lose £1.8 billion to fraudsters in 2021
What are the UK’s biggest money fears?
Research from debt management company Lowell has revealed that a third (33%) of Brits are worried about their financial future and in some cases, worries are so severe that some Brits cannot sleep due to their money concerns
Almost one in five (19%) Brits said that losing their ability to pay monthly outgoings was one of their top financial fears and nearly one-fifth (18%) of Brits fear experiencing payment card fraud.
Not having a big enough pension pot to retire with is one of the top money worries for 17% of Brits. And finally, feeling overwhelmed with debt was the fifth most concerning money fear in the UK, affecting 15% of Brits.
Pennyworth launches goals-led financial planning app
Pennyworth, a digital bank founded by former Barclays executives for aspiring-affluent individuals, haslaunched its pioneering financial planning app for public access on the App Store and Google Play.
Pennyworth was founded to help busy professionals, managers and business owners plan for and achieve their most important life aspirations. Its new app puts people in control of their financial futures by helping them prioritise goals and create tailored financial plans in a few taps.
Ben Harvey, founder and Chief Product Officer of Pennyworth, comments: “Setting goals is one of the most effective steps for achieving your ambitions, but people frequently have more pressing things to think about than financial planning.”
“With Pennyworth, you can set your goals and in one tap create a personalised financial plan to achieve them – all in the time it takes to drink a cup of hot coffee. There isn’t anything else like this on the market.”
One in four Brits do not contribute to a savings account
Debt management company Lowell conducted research into the saving habits of the UK following payday, and can reveal that nearly a quarter of Brits do not put any of their wages into savings. The data also highlighted that one in ten Brits are spending up to 60% of their wages within the first week of receiving it.
With the average UK resident earning £31,461 a year, Lowell’s research revealed a typical Brit saves 19% of their wages each month, saving £5,977.59 a year.
John Pears, UK CEO of Lowell, said: “Unfortunately, this research confirms that many people across the UK are caught in the trap of living from payday to payday, but this can be a slippery slope into unmanageable debt if your circumstances were to change unexpectedly. If you’re struggling to keep track of where your money is going each month, try to set some time aside to tot up all your outgoings and build a clearer picture of your expenses. Once you know this, plan ahead by creating a realistic monthly budget that you know you can afford. Sticking to this is a great way to help get your finances back under control and avoid accidental over-spending.
Cyber attacks targeting the House of Commons have surged by 358% in 2021
The House of Commons (HoC) has been targeted by over 126 million malicious emails in 2021 so far, which is already a 358% increase on the nearly 28 million malicious emails received in January to December 2020.
This data was obtained and analysed by a Parliament Street think tank under the Freedom of Information (FoI) act. The data revealed that there have been over 200 million ‘malicious emails’ blocked by the HoC since 2018, including phishing attacks, malware and spam.
Security specialist Chris Ross, SVP International, for Barracuda Networks said, “The significant uptick in malicious email activity this year could be reflective of the increasing quantity of sensitive data now being stored and managed within cloud infrastructure by remote-based civil servants and employees. All it takes is for one well-placed email to be misclicked before an entire organisation is facing a severe breach of customer or company information, or even being held to ransom.”
Brits lose £1.8 billion to fraudsters in 2021
The personal finance experts at money.co.uk have warned that UK residents have lost more than £1.8 billion as a result of fraudulent and cyber crimes in 2021 so far.
Money.co.uk’s Quarterly Fraud Report reveals that there were 96,497 fraud and cybercrime-related police reports issued between July 1 and September 30 (Q3) 2021.
Findings reveal a 16% decrease in fraud and cyber crimes in the UK in Q3 vs Q2 2021 but a 6% increase in losses. Q3’s reported crimes equalled £585 million stolen from Brits, averaging at around £6k per victim.
James Andrews, personal finance expert at money.co.uk, said: “Brits so far this year have lost more than £1.8 billion as a result of fraudulent and cybercrimes, with figures rising in recent years, this is a reminder for us to protect our data online and be more vigilant when making purchases online.
Birmingham Tech Week 2021 showcases West Midlands’ fast-growing technology cluster
This year’s Birmingham Tech Week (11-15 October) brought together 1,500 attendees for face-to-face events, and over 1,000 for online sessions, to celebrate the achievements of the West Midlands’ tech sector and explore its future significance as the country’s fastest-growing digital hub.
Organised by Birmingham Tech and in its third year, the largest regional technology and innovation festival in the UK took place following the release of data from London Economics and glass.ai revealing that the West Midlands is home to the largest emerging technologies cluster outside the capital, as well as new findings from the UK’s Department for Culture, Media and Sport (DCMS), which declare the region as the country’s fastest-growing tech sector.
Birmingham Tech Week Chair, Kim Leary, said: “The tech sector in our region is booming. We have a huge number of successful start-up and scaling businesses and a growing ecosystem powering FinTech to EdTech. Everyone has been working hard to shine a spotlight on the West Midlands so there’s a real sense of celebration and collaboration across the city.
Mastercard launches Strive Learning Network to support the UK’s entrepreneurs to thrive
Mastercard’s Center for Inclusive Growth launched the Strive Learning Network as part of its new micro and small business flagship programme, Strive UK, which launched in late September.
In partnership with Be the Business, Digital Boost and Enterprise Nation, Strive UK will support 650,000 British micro and small enterprises (MSEs), with a particular focus on businesses owned by women and those from ethnic minority backgrounds, to thrive in the digital economy. Over the next three years and beyond, Strive UK will provide small business owners with access to free guidance, helpful tools, and personalised, one-to-one mentoring.
Kelly Devine, President, UK & Ireland, Mastercard, comments: “Small businesses are the backbone of the UK economy and will be crucial to building a more inclusive economy in the post-pandemic recovery. We formed Strive UK to ensure the small businesses that are so crucial to our communities, high streets and economies not only survive but thrive, by equipping them with the digital tools and skills necessary to grow their businesses. The Strive Learning Network will convene organisations and policymakers to support and promote collaboration across the small business ecosystem, including partnering with local communities to ensure the impact of Strive UK is deep and long-lasting.”
Starling named official national banking partner for UEFA Women’s EURO 2022
Starling Bank today announces that it is the official national banking partner for the UEFA Women’s EURO, taking place across England in July 2022.
Hosted in England with 31 matches over 26 days across 10 venues in nine cities, opening at Old Trafford and closing at Wembley, the competition will be a nationwide celebration of Women’s sport. Starling customers will benefit from priority access to tickets for the tournament in February 2022.
Rachel Kerrone, Head of Brand at Starling Bank, said: “We are honoured to be able to share the excitement of the Women’s EURO with our customers. At Starling, we’ve long been a passionate supporter and driver of gender equality, with our #MakeMoneyEqual campaign. We’re determined to help inspire the same enthusiasm for the women’s game as we saw for the men’s in 2021.”