Money to the Masses has launched an online tool designed to help people manage their finances.
The tool, called Damien’s Money MOT, provides individual financial breakdowns based on people's answers to a few simple questions.
A user will be alerted to areas of their finances that may need attention, such as reviewing bills or making a will and are able to access a free personalised action plan that prompts them to review their finances at various intervals.
The use of the tool is free of charge but users will be asked to register if they want access to the action plan and guides.
Damien Fahy, founder of Money to the Masses, said: "The Money MOT is about encouraging and helping people concerned about their financial position, whatever age and whatever amount of money they have, to make positive incremental improvements to their financial position, over time.
"It’s not a ‘Holy Grail of everything financial’ as full details of a person’s finances are not known, but it does provide a quick insight on the things that they should prioritise, with more personalised help available, where requested.
"We’ve seen a Money MOT completed by a different person, every minute, in just one day.
"This is incredible but clearly shows that people want to understand just how fit their finances really are and what content and information is available to help them and if they need to seek financial advice."
Mr Fahy added: "Where people don’t have all their ducks in a row, the Money MOT identifies real actions people are able to take and help them to confirm that their finances are ‘roadworthy’ or areas where their finances may need attention.
"Very much like a car MOT would identify that the brakes are okay, but you need to check them again in six months – the Money MOT aim is to encourage people to regularly check that their finances pass the test."
In the first week of its launch, more than 3,000 people used the Money MOT to analyse and potentially improve their finances, the company stated.
Pete Matthew, MD of Jacksons Wealth Management, financial planner and creator of MeaningfulMoney.TV, said: "Success with our personal finances is often about getting the small things right.
"It can be easy to focus on the highlights like investing or buying a property, but neglect things like shopping around for insurance and maintaining our credit score.
"Damien and the Money to the Masses team are always relentlessly practical with their advice, and the new Money MOT is a brilliant way for people to get a snapshot of where they are now, and how they can improve.
"I'll definitely be sending my audience to try it, and more importantly, encouraging them to take action as a result. I'm excited to see the difference that this will make for those who take the MOT."
