HyperJar founder and CEO, Mat Megens, discusses how Brits can re-organise their money
At the end of what has been one of the most challenging years to date, national research has found that the pandemic has had a devastating effect on Britain’s finances, with 19% confessing that they are in their worst financial position ever. A further 45% do not have a budget in place for their festive shopping this year, despite Brits spending £285 each on Christmas presents.
With 2020’s shattering impact on our national and personal finances, many of us now acknowledge need to be better with our money next year. However, with this resolution comes the realisation that the current banking system does not do enough to help us achieve our goals, as 70% feel that their bank doesn’t help them budget or plan their finances.
Highlighting the UK’s money challenges, the smart spending app HyperJar unveils in new national research that pre-Covid 26% of us had no emergency financial buffer. One consequence of the pandemic is that 19% of the population admit to having no savings left at all.
With rumours of negative interest rates still circulating, there are few options available that encourage saving and protect consumer spending power. HyperJar provides a solution to both challenges.
Key Research Statistics*:
- 19% (8,921,000) agree that, due to the Covid-19 pandemic, they are in their worst financial position ever
- 70% (31,500,000) say that their bank doesn’t help them budget and plan day to day finances
- 52% (25,093,000) agree that the current banking structure leaves them with no incentive to save
- 47% (18,981,000) agree that since the pandemic, they now acknowledge the importance of tackling bad financial habits
- 19% (8,737,000) report that the fallout from Covid-19 has left them with no savings at all
- 26% (12,522,000) say that, even before Covid-19, they had no savings or emergency buffer
- 26% (12,715,000) admit to having no emergency funds to fall back in the future
- 18% (8,594,000) believe their finances are the least organised part of their life
By using HyperJar, account holders who choose to commit money ahead of spending with HyperJar’s partner brands get a 4.8% Annual Growth Rate on every penny, calculated and added daily. This locked-in money must be spent with the business it is committed to, but there is no time limit and the balance keeps growing for up to 12 months.
The app is now expanding its partner base to include SMEs, with local pubs, cafes, kids’ centres, speciality food shops and restaurants starting to join the app over the next few months.
HyperJar can be downloaded now from the App Store and Google Play Store. Account holders must be 18+ and a UK resident.
Mat Megens, founder and CEO at HyperJar, offers an insight into how HyperJar can help change the way we spend.
“There’s been a hostile environment for saving and planning for years, and the gravitational pull of easy credit has never been stronger. A new way for people to budget and spend well is overdue.
The effectiveness of splitting out budgets and naming savings goals is well known, and our early customers tell us that adding a fraction more friction to their spending – taking a bit of time to think about what they want to spend in future – works. Visualising and allocating their money like this gives them clarity, control and confidence.”
For more information visit: hyperjar.com
For more Business and Finance news follow i-invest Online.
- AI is not the disruption. Your operating model is
The five per cent of organisations capturing value from AI are not deploying tools faster – they are redesigning how work gets done, says Stuart J. Green A chief executive showed me her board pack: five AI pilots and a 12% margin target by 2026. I asked which pilots she had been inside, which workflows… Read more: AI is not the disruption. Your operating model is - AI is not one technology – and leaders should stop treating it that way
To prepare effectively for the future, Mehdi Paryavi argues that businesses should stop viewing AI as a single phenomenon and start focusing on agentic AI as distinct from today’s generative tools Reports about the AI boom are now your quotidian fare. You can easily find analysts proclaiming, “X percent of companies are now using AI,”… Read more: AI is not one technology – and leaders should stop treating it that way - Why the best sustainability investments don’t depend on customers caring
Consumer belief is the riskiest asset on the balance sheet, argue Goutam Challagalla and Frédéric Dalsace. The real question is whether customers would buy it anyway For more than a decade, ESG-linked funds and corporate sustainability strategies have run on the same quiet assumption: spend more on sustainability, and the market will eventually reward you… Read more: Why the best sustainability investments don’t depend on customers caring - Progress on environment stalls as pressure to deliver immediate returns mounts
New research reveals how a growing focus on short-term financial performance is delaying investment in sustainability and transition planning, potentially exposing organisations to greater long-term costs and operational risks A new analysis of 52 leading AEX and DAX-listed companies by Erasmus University Rotterdam, Nyenrode Business University, and ftrprf highlights the growing gap between financial performance… Read more: Progress on environment stalls as pressure to deliver immediate returns mounts - Why promising social ventures fail – and the solution emerging to prevent this
Misunderstandings between investors and founders are damaging social innovation, research suggests – but a new tool aims to build stronger bridges between them Social innovation ventures commonly collapse because of misunderstandings and miscommunications between venture leads and impact investors, new research from Durham University Business School reveals. As a result, promising projects which can address… Read more: Why promising social ventures fail – and the solution emerging to prevent this