Zopa Bank and ClearScore Join Forces to Tackle UK’s Cost of Living Crisis
Digital bank Zopa and credit marketplace ClearScore have unveiled a new cross-industry initiative to drive 10 million actions that strengthen consumer finances amidst the rising cost of living. With inflation forecast to reach up to 13% and over 25% of the UK’s population facing low levels of financial resilience, the 2025 Fintech Pledge provides UK consumers with actionable steps to build up their financial resilience.
These actions will come from four focus areas:
- Savings – Moving deposits from low to high interest-yielding accounts and setting up saving pots to make savings work harder
- Credit building – Signing up to a credit building tool to access more and better value financial products
- Debt consolidation – Using a debt consolidation tool to understand how much could be saved each month by consolidating, reducing financial obligations
- Utility marketplaces – Searching for lower priced utility deals on digital marketplaces to save money on one or more monthly payments
Zopa will announce the Fintech Pledge later today in a theatre session with ClearScore at Dreamforce 2022, Salesforce annual event, to discuss how technology is supporting a pathway to financial resilience.
Jaidev Janardana, CEO at Zopa said: “With the UK facing an unprecedented cost of living crisis, households need to use every tool at their disposal to build long-term financial resilience. This industry pledge – the first of its kind – will unite a wide variety of companies in one goal of driving positive financial actions for millions living in the UK. We’re delighted to be working with ClearScore as we begin this journey. As the scheme progresses, a variety of programmes and partnerships will help to drive 10 million actions by 2025.”
Justin Basini, CEO and Co-founder of The ClearScore Group, said: “This initiative can make a real difference to people’s lives. We can help people rethink their finances and take action to make themselves better off. The fintech industry has a key role to play in building financial resilience and we look forward to working with Zopa and future partners to make this a reality across the UK.”
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