Financial expert shares secret to achieving any size of savings goal
Talk Money Week (November 4-8) aims to give people across the country an opportunity to have more open conversations about their money - from pocket money to pensions - inspiring Brits to continue these conversations all year round. According to research from Marygold, a brand-new money management app launching later this year, some 25 per cent of Brits have had the same savings goals for the last decade but have yet to achieve them.
At the same time, 26 per cent of Brits dip into their savings on a regular basis, despite putting money away each month. While every aspiring saver has a different reason for why they may wish to occasionally dip into their rainy-day funds, one factor that stands above the rest is the stigma surrounding healthy discussions on the topic of money.
Data from Virgin suggests that 19 per cent of the UK admit they do not feel confident talking about money with friends and family. Matthew Parden, CEO of Marygold & Co. (UK), emphasises the importance of openly discussing our finances, with research from the American Society of Training and Development (ASTD) finding that individuals are 65 per cent more likely to achieve any sort of goal if they have a ‘buddy’, or ‘accountability partner’ to help motivate them and share responsibilities.
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Matthew explained: “If you have a goal - whether it’s a holiday, a new wardrobe, a personal transformation, or simply a well-deserved break - start saving now. It can be hard to think that far ahead, as we tend to delay decisions and actions. But with the right motivators, like a money minder or someone to hold us accountable, we’re far more likely to reach our targets.
“Studies show that sharing a goal with someone else, especially if they’re invested in it too, makes us more focused and driven to succeed. So, share your goals, celebrate milestones together, and remember: a goal shared is a goal halved.”
Marygold & Co. (UK) is launching to help redefine Britain’s relationship with money - incorporating lessons from cognitive psychology and embodying an out-of-sight and out-of-mind approach to our finances.
Marygold’s Nudge
For those who suffer from time scarcity, a lack of proactive notifications often leads to missed savings opportunities, bills paid late, and suboptimal decisions. Marygold’s ‘Nudge’ feature improves users' money management by helping them stay ahead of their financial limitations and goals.
Sending automated reminders tailored to their needs, whether that be tax deadlines, subscription renewals, or potential savings based on spending patterns, saves time and optimises finances.
Money Pools
Allowing users to organise savings in a way that makes sense to the individual consumer, Marygold facilitates one central hub to collate financial goals, tailored to their economic personality.
Digital Piggy Bank
Knowing current balances can tempt ‘dipping in’ and undermine savings goals. Marygold counteracts this human nature by delaying the visibility of savings, which in turn fosters discipline and encourages long-term savings habits through an ‘out of sight, out of mind’ approach.