Barclays has today launched Financial Wings, an online personal finance hub designed to give people the knowledge and confidence to take control of their money and build the skills required to bolster their financial health.
Research carried out by Barclays showed that only 44 percent of customers felt knowledgeable about financial issues, with as many as 20 percent openly admitting to finding the topic overwhelming and confusing.
Financial Wings is available to everyone and looks at the three key areas of finances: getting your finances started, achieving your financial goals and addressing money worries.
• Getting your finances started is designed to help people organise their money and planning their finances, e.g. whether what type of bank account best suits them, how to pay bills and how to understand their bank statement
• Achieving your financial goals is designed to help people look at how they can save and/or borrowing money, e.g. put money away for a rainy day or take out a mortgage
• Addressing money worries is designed to help make people in financial difficulty aware of the solutions that can help them pay down their debts and get back on track, e.g. debt management plans
The website employs gamification to help users engage with the information. Having completed the sections that they feel are relevant to their circumstances, users can test their knowledge and earn points in a series of games.
Clare Francis, Savings and Investing Expert at Barclays said:
“Financial Wings was created to empower people and give them the confidence to make better financial decisions. Every day we hear from customers who want to understand how to make the most of their money but find managing their finances a complex and daunting task. With Financial Wings we want to remove any fear or confusion by providing essential information in manageable chunks.
“For many of us the best way to learn is by doing, which is why we have included gaming elements within the website. We are committed to ensuring the nation is financially fit and believe that Financial Wings will help many to achieve this.”
Barclays partnered with consumer bodies including The Money Advice Trust, Which? and StepChange to develop content for Financial Wings.
Speaking about the launch of Barclays’ Financial Wings initiative David Haigh, director of financial capability at the Money Advice Service, said:
“We welcome today’s launch of Barclays’ Financial Wings initiative. Equipping people with the knowledge, skills and confidence to manage their money well is vital to improving the stubbornly low levels of financial capability across the UK.”