The new money management platform was designed to improve the manner in which students manage their finances.
As the cost-of-living crisis still represents a negative impact across all areas of student university experiences, the product is set to give them the opportunity to use and understand their money in a more efficient and secure manner, across the university or the college term. Furthermore, the company will make sure they can focus on their academic studies, goals, and overall wellbeing at the same time.
Students will be enabled to utilise the tool by connecting Blackbullion’s application to their bank accounts. This will give them the possibility to access real-time insights into their spending habits, as well as to recive personalised suggestions as to where they can make savings. Students will also be provided with the capability to respond quickly to suggested changes, in order to manage their budget in an optimised manner and to improve their ongoing financial wellbeing. These processes take place through the usage of Open Banking technology.
Blackbullion published its 2023 Student Money and Wellbeing Report, where the company highlighted that 9 of 10 students (approximately 80%) were worried about their financial situation, with 58% being worried about how finances impact their mental health in a negative way. Furthermore, almost 1 in 10 students (9%) that were surveyed have considered or already have dropped out of university or college in the last 12 months as a direct result of the cost-of-living crisis and the overall inflation. The report also found that most students need an extra GBP 548 a month in order to confidently feel they will be able to complete their degree, without a negative impact on their well-being.
In addition to the new application, Money Monday will also be available for students. The product represents an interactive weekly money check-in feature that encourages students to manage their finances in a sustainable, healthy manner, while also minimising well-reported habits (including obsessive money tracking or money avoidance). Students will also be enabled to review and plan their weekly spending with no need to use spreadsheets while leveraging this feature.
The new application also features a Spending Calendar, which offers students an overview of term-time spending, so that they can manage expenses and plan spending in advance, as well as the bullion rewards, where students can learn new, healthy money habits and collect `bullions` in order to boost emergency funds, receive discounts, and win cash prizes.
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