Over half of millennials have no financial plan in place for the future but Moneybox plans to reduce this figure with the launch of its new educational series.
Investment platform Moneybox has released a new study in tandem to the launch of new instructional services named Moneybox Academy. The educational series aims to improve millennials’ financial knowledge by providing guides on various topics surrounding investing.
Moneybox currently offers an investment platform which enables individuals to invest their spare change by rounding up each transaction to the nearest pound. Depending on the individual’s risk preference, the spare change will be invested in one of several pre-constructed portfolios. The platform can be used as an introduction to investing for those not comfortable with or who can’t afford putting up large volumes of capital.
According to Moneybox’s recent study, 97 per cent of those surveyed were aware of the importance of financial planning, but over three quarters were unclear where they would be financially in ten-years’ time. Nine out of ten millennials wish they had received financial education at school.
Moneybox Academy will provide guides to those ill-prepared for the future. The guides cover topics such as volatility, active vs passive and compounding. In addition to financial literacy, Moneybox will be hosting a series of educational workshops, with the first in the series having already taken place this week at the company’s headquarters.
Over 70 per cent of the individuals surveyed don’t know which financial products best suit their requirements – a figure Moneybox hopes to reduce following the today’s launch.