A UK research report has found a growing number of couples over 60 live in separate households, a trend particularly pronounced among those entering a new relationship at this stage of their lives. Improved mental health is a bonus.
Speakers of the calibre of David Knoff, the expedition leader stranded with his team in Antarctic during COVID, can regularly be heard at this global institution that places a premium on knowledge, not qualifications.
The Next FinTech Helping Aussies Save
A new FinTech startup called Finspo will launch in Australia later this year, claiming to save regular Aussies thousands of dollars via a “free and easy-to-use digital app.” The startup says it will give regular users a much clearer picture of their overall banking position and insights into where and how money can be saved.
“Finspo links your accounts in one place – your savings, back-up savings, spendings, mortgage and even that secret-back-up-emergency-savings/ski-holiday fund living happily together behind a cute little icon on your phone.”
Finspo looks at all the various bank accounts you may have, including credit cards, loans and mortgages together with investments and managed funds. It then collates this data and provides the user with a consolidated view of their entire banking position. The app is also able to compare credit card and home loan interest rates against the average rate for all similar loans settled in the preceding month. It can then prompt a user when fees and interest rates change. Finspo also has a notification service where it prompts its users when there is something due to be paid and can top-up an account to help avoid late fees and charges.
The app is due for release towards the end of the year and is currently amassing a waiting list of prospective users. Here are some of the main features:
– View your banking accounts in a single view.
– Balances and transactions across all linked banking.
– Keep on top of your money.
– Know what your bank is really charging and see it in a single, clear and easy-to-understand monthly bill.
– Receive alerts when your bank or lender charges fees or when interest rates change.
Finspo also sends out “Finsights” which show users how much could be saved by doing things differently, for example, by avoiding fees and paying less in interest charges. Research conducted by Finspo on a sample of Australians with home loans found that by using the Finspo app they could save an average of $4,500.
It uses the following example: “If you were to pay an extra $4,500 per year ($375 per monthly payment) on a new $400,000 home loan with an interest rate that stays at 3% p.a. you could pay off your loan nearly eight years earlier and save almost $60,000.”
Apps are offering us more and more ability to handle our busy lives: Finspo’s proposition is that it can help you to save, through better banking habits.
