40% of the UK population experience financial stress which is the main contributor to mental health problems. We carried out in-depth research with working individuals in various sectors and found that 1 in 5 adults are not confident talking about or managing their finances and would welcome help with this. Due to this challenge, young people are not taught how to manage money and end up receiving over £2.7bn in pocket money annually with no financial guidance.
We 1st encountered financial illiteracy whilst supporting immigrant families to integrate in Scotland through our organisation called Passion4Fusion. Some of our young clients were taking on financial advisory roles in their families due to, language barrier and complex financial systems. These children turned to us for guidance on various issues ranging from choosing phone contracts to paying council tax. Our attempts to find a tailored solution that could give an all-around guidance on money for these young people were fruitless. Digging deeper we found that understanding money and economic systems was not a problem unique to immigrant families in-fact whilst undertaking the Saltire Fellowship in the United States we found that the problem of financial illiteracy was not only universal cutting across age, stage, culture and class but also a global challenge affecting people across nations. In an attempt to address what our research showed as a glaring need we set out to create a solution that could cut across boundaries and make financial capability trendy.
MoneyMatiX is a finance management platform for the family. We use interactive techniques like cashflow trackers, debt eliminators and financial health checks to put people in control of their money. Our gamified pocket money management system provides fun interactive engagements that encourage all the family to cultivate healthy money habits.
As part of the MoneyMatiX offering, we conduct hackathon-styled events which bring communities together by engaging Industry experts, Academia and Families to bring the value of money to life and equip young people with financial capability and entrepreneurial skills.
Our competitive advantage is our use of gamification to make managing money and finance an easy and fun activity for the whole family. Our cutting-edge solution makes positive interactions with money possible across age, gender and relationships creating role models within communities to exhibit healthy money habits and ensure financial inclusion.
Our fantastic team have a wealth of experience in financial services, mental health and financial capability experts whose research has been used in financial journals worldwide.
We believe that every child has a right to a secure financial future so our mission is to turn adults into financial role models for the next generation which will ensure a healthy financial future for all.
Together we can give back financial control to the people we care about. So please get in touch with us @moneymatix to help co-create and deliver financial well being for your staff and their families.
Co-founders Tynah Matembe & Helene Rodger