Nearly half (47%) of people like the idea of using apps and tools to manage their money and 31% of 18 to 34 year-olds plan to sign up to an open banking app this year, the Open Up 2020 Challenge has found.
Around half (51%) of people are making a New Year’s resolution to save more, whilst more than four in 10 (44%) want to spend less.
Chris Gorst, director at Nesta Challenges, said: “A New Year often motivates people to make a positive change in their life – whether that’s eating healthier, exercising more, or improving their finances.
“Luckily for the 26.7 million committing to save more in 2020, there are a range of open banking-enabled apps and tools available to help them take charge of their finances.
“By providing these apps with secure access to your bank data through open banking, you can get personalised guidance to help you make more of your money and help you reach your goals.
“Through Open Up 2020, Nesta Challenges is excited to be supporting innovators with impactful ideas that have the potential to truly revolutionise how people manage their money.”
Three in 10 (29%) admitted they don’t have a ‘rainy day’ fund set aside for emergencies and 27% feel uncomfortable about their current level of debt.
Over half (57%) want to feel more in control of their finances, increasing to two-thirds (65%) of those aged under-55.
Imran Gulamhuseinwala OBE, trustee of the Open Banking Implementation Entity, added: “Since open banking regulation came into effect, we’ve seen a host of innovative products launch to help people improve their finances – whether that’s through better budgeting, automating savings, comparing products, or finding ways to clear debt.
“We are working with Nesta Challenges on the Open Up 2020 Challenge to encourage even more of these ideas and to help millions more people across the UK improve their relationship with money.
“While some people are already using these products, in 2020 we want to see even more people take control of their data and, ultimately, their finances.”