University builds personal finance app

University builds personal finance app

The Centre for Business in Society has developed a personal finance app to help people manage their money during the coronavirus pandemic.

The organisation - a research hub within Coventry University - has created the free MoneySkills app, which offers a budget planner alongside help with budgeting and saving.

Users can learn how to budget, set short- and longer-term financial goals, and use the app to help start saving on a regular basis.

The MoneySkills app has been developed on the back of research that found knowledge of how to budget, daily expenditure and how to save greatly helps people stay on top of their finances.

The research also evidenced how people can build up savings in times of need by making small changes to their lifestyle.

Professor Sally Dibb, project lead at the Centre for Business in Society, said: “The coronavirus pandemic has triggered a significant shock to the global and UK economies, worsening the financial vulnerability of around half of UK households, who have little or no savings to fall back on if they suffer a financial shock.

“We have developed this app to support people’s financial wellbeing in these challenging times. Building a small pot of savings is vital for everyone, even if your income and job look secure now.”

Separate research by wealth management business Quilter found that people of all age groups were saving more as a result of the lockdown.

Those aged between 18 and 30 were the most likely to be saving more since the pandemic began. Almost two-thirds (64 per cent) of the age group surveyed also said they would consider getting financial advice following the lockdown.

The app is one of several initiatives available recently to support financial wellbeing and education.

Last month consulting firm Mercer launched a financial wellbeing hub to support companies and their employees during the coronavirus.

Additionally, consumer website MoneySavingExpert launched a free, online adult financial education course last week with the Open University to improve financial knowledge and money management skills.