Patrick is 50 years old and lives in the South-East with his family. He is employed full time in the pension industry.
After using Moneyhub for a few years to maintain control and achieve financial security, he explains how he now uses it to keep track of his various accounts.
““Being able to still see all of his historical financial data in an app that is as secure as your bank is extremely helpful””
The term ‘pensions crisis’ is often thrown around when it comes to saving for retirement in the UK. A recent article published by PWC stated that the pension provision in the UK is ‘no longer fit for the future with many direct contribution pension pots being ‘inadequately funded’.
Having worked in the pensions industry for many years, it is a point of interest to get this Moneyhubber’s view on the current state of affairs. When asked if he thinks enough information is out there to encourage people to engage with their pensions, he responds, “I don’t think people should engage with their pensions”.
He delves deeper into this statement by explaining that the concept of paying for a pension could be far simpler, “the concept is just to save as much you can. It’s a bit like diet information, eat a little bit less, exercise a little bit more. Complicated information around carbs and sugar is superfluous.”
It was through his work in the Pensions & Benefits that he first discovered Moneyhub: simply put, “I tried it, liked it and carried on using it.”
Nowadays, he largely uses Moneyhub to keep track of transactions, “I use all the transaction tracking and expenses. To see in one place my current account and various loans and credit cards.”
He admits that how he uses Moneyhub now and previously has been directly affected by how financially secure he feels, “Up until a couple of years ago, there was a little bit of having to keep an eye on the bank account and not going overdrawn… Got to a stage now where we’ve got enough money in the bank account that I don’t need to worry about day-to-day stuff.”
Expanding on this, he describes how Moneyhub was particularly useful when he was working as a self-employed contractor for tracking all work expenses.
Now married, a homeowner and a father, this Moneyhubber's approach to money has changed, “Up until about ten years ago I was a reasonably good saver, the only savings I have now is in pension.” However, he finds being able to still see all of his historical financial data in one place, in an app that is “as secure as your bank is” extremely helpful.
