Standard Life is teaming up with Moneyhub to roll out an open finance-powered tool, Money Mindset, to its 1.5 million workplace pension scheme members.
Money Mindset is being integrated into Standard Life’s app and dashboard, allowing members to connect their bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products in one place.
Once connected, users will be able to view all their spending and saving activity in a single place, and receive personalised, actionable nudges to help them manage their finances. For example, members will be able to group transactions into different categories to create income and spending analysis, as well as build custom budgets.
Money Mindset will also include a financial education hub providing access to a range of content spanning different financial topics including managing money, savings and investments, protection and insurance.
Other tools will trace lost pensions, assess state benefit eligibility and bring their pensions savings together.
Neil Hugh, head, workplace, Standard Life, says: “Many people feel overwhelmed when engaging with their finances, and this can lead to a cycle of financial un-wellness. We recognise that pensions are just one part of the puzzle and that many people just don’t know where to start or don’t have the confidence to take the initial steps to improve their overall financial capability.
"With Money Mindset you can see your ‘whole world’ of money in one place, in ‘real time’ so you can begin to manage your finances more effectively."
In December, Standard Life's parent, Phoenix Group, invested £15 million in Moneyhub.