New Research Aims to Improve UK’s Financial Wellbeing
A Scottish Fintech and the University of Edinburgh’s business school are collaborating to address the poor financial health and literacy of the United Kingdom.
Inbest.ai, the Edinburgh-based data analytics platform that automates financial planning and the University of Edinburgh’s business school are collaborating on a new research project which will measure, track and improve the financial well-being of UK consumers.
Headlines about the poor financial health and literacy of UK consumers are all to common, with millions of people in the UK affected by problematic debt, many of whom are too ashamed to seek help. One in three middle-class adults are reported to have said they would need to borrow money to pay a surprise £500 bill, while half of British workers cannot afford to retire.
The research project aims to establish whether:
- Consumers have a sustainable spending pattern and manageable debt levels to maintain their current lifestyle
- Consumers have enough savings/credit to face unexpected events
- Consumers have adequate an pension provision to ensure they can maintain their lifestyle at retirement
Democratising Wealth Management
Inbest was founded in September 2014, by a team of financial and technology veterans. The company has developed risk management platforms to help institutional investors improve their IT platforms and accelerate their digital transformation. The company is now building a data analytics platform it hopes will ‘democratise access to wealth management.’
Raffaella Calabrese, Associate Professor at University of Edinburgh Business School, said: “From buying our first car or home to saving for retirement, the financial decisions we make play a major role in shaping our lives. Yet the majority of people still find it difficult to access the right knowledge to help them make the best choices, which in too many cases can lead to debt and poor financial well-being.
“Working in partnership with Inbest.ai we hope to change this, by finding a new way to help people find the right advice about how to manage their money. One of Scotland’s most exciting Fintech prospects, we’re especially pleased to be working with a company which focuses not only on finance but people.”
Collaboration is Key
Manu Peleteiro, CEO of Inbest.ai, said: “We are delighted to collaborate with world-class academics in behavioural finance, financial mathematics and machine learning to alleviate a problem faced not only by UK citizens, but by consumers across the world. This project is also a great example of one of the main strengths of the Scottish Fintech ecosystem, collaboration across public bodies, research institutions and private companies”.
The results of the research project will be presented as part of the DataFest18 Fringe Event programme on Tuesday 20th of March in the University of Edinburgh Business School. Afterwards a panel of industry experts and academics will discuss measures and experiences in how to improve the financial well-being for UK consumers. Tickets for the event are available online.
The event is open to anyone concerned about financial inclusion and financial well-being. Participants from all backgrounds are welcomed including industry, students and academia.