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Intrum partners with Fabit to strengthen financial literacy

Wednesday 1 March 2023 13:33 CET | News

Digital financial coach Fabit has announced partnering with Intrum in order to strengthen financial literacy amongst young people in Germany.

According to a Fabit representative, Intrum is a partner for whom financial education is just as important as for Fabit. Intrum aims to disseminate financial education in schools with the 'Spendido' initiative in order to introduce young people to the topics of money, credit, debt, and debt collection.


As stated by an Intrum representative, the partnership with Fabit will expand Intrum’s efforts to make financial education accessible to all. As a debt collection agency, Intrum states they are not solely an intermediary between companies and customers, but they also aim to help people in difficult financial situations to get rid of their debts. With Fabit, Intrum plans to provide users with an independent tool that will support them in their financial recovery in the long term.

Financial education strengthens resilience in difficult times

As shown by Intrum's European Consumer Payment Report 2022, one in three millennials in 2022 used hire purchase solutions such as "buy now, pay later" to cover the costs of social life. However, while young people use 'buy now, pay later' offers to finance their social life it is precisely these bills that are not paid first when money is tight, as stated by a Fabit spokesperson. 

Intrum partners with Fabit to strengthen financial literacy

In addition, almost a third of those surveyed have less of an overview of their short-term loans than they did a year ago or they indicated not wanting to know how much money they owe in total. According to a Fabit representative, financial education enables users to make well-founded and effective financial decisions. With high inflation, rising interest rates, and the rising cost of living, it is crucial for consumers to be informed and able to make smart choices.

Intrum’s offers

Intrum is present in 24 European countries with its credit management services. It offers its clients solutions to improve cash flow and long-term profitability. The focus is on financial services, from direct debits for retailers, accounts receivable management, and secure invoice purchases in ecommerce to the management of non-performing loans and bad debts. 

Fabit’s financial education app

Fabit offers a financial habit optimisation app that is aimed at people who want to manage their finances better. With Fabit users have an overview of their finances, can plan their budget and instalment payments, store open invoices, and get answers to their money-related questions. The app also offers over 100 savings tips and challenges for customers based on their budget.

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Keywords: partnership, financial services, personal finance management, banking
Categories: Banking & Fintech
Companies: Fabit
Countries: Germany
This article is part of category

Banking & Fintech

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Fabit

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