Financial innovation

With 11.5 million people in the UK having less than £100 in savings, 8.99 million over-indebted, and 9 million borrowing to pay for essentials because they have run out of money, many households often struggle to keep afloat financially. 

In 2016, in partnership with the Money and Pensions Service, we launched the Financial Capability Lab, an innovation project which aimed to design and test new and innovative ideas to help people make the most of their money and pensions. 

The Lab aims to address the following three objectives: 

• First, how can we encourage people to build up a savings buffer to withstand financial shocks? 
• Second, how can we encourage those who are facing financial trouble to seek financial advice and guidance? 
• And finally, how can we empower people to take control of their spending and better manage their credit?

We have worked with dozens of experts in the field to develop and pilot groundbreaking ideas and we are now in testing the most promising ideas with banks, pension providers, fintechs and large employers.