This service allows customers to combine their old pensions into one fund that is accessible through the Monzo app. Recent research indicates that over 75% of UK adults experience anxiety or confusion regarding their pensions, with 30% finding the consolidation process overly complicated. Additionally, 38% of respondents stated that a more accessible process would help them prioritise their pension management.
What are the main advantages of the new offering?
Representatives from Monzo cited by ffnews.com noted that customers often lack visibility and knowledge about their pensions, which contributes to high levels of anxiety. They emphasised that Monzo Pension addresses these issues by simplifying the process of managing multiple pensions and planning for retirement.
For the opposite side of its client base, in July 2024, Monzo has revealed its plans to launch a special account for children under 16, allowing them to set savings goals and organise their money with ‘pots.’ This account has no fees for signing up, topping up, subscriptions, or spending abroad, and can be held by children aged six to 15 years old.
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