A NEW financial education website which aims to plug the widening “advice gap” in the UK will launch today.
Fincate is the creation of Rob Lewis, managing director and founder of a multiple award-winning financial planning business based in Mold, St Asaph, and London.
An amalgamation of the words ‘Financial’ and ‘Education’, the site offers a series of videos and bitesize content as part of an affordable monthly subscription service.
With more than 20 years’ experience in the sector, Rob says there is significant demand for an online platform offering workshops, guidance, quizzes, downloadable materials and training for individuals and businesses.
“I have been delivering financial education in the workplace for more than a decade and have seen the positive impact it can have, notably on auto-enrolment to pension schemes and reducing stress and absentee rates of employees who have money worries or are concerned about their savings and how they’ll cope in the future,” said Rob.
“A big problem in the UK is the advice gap, more advisers are retiring and leaving the industry than joining it, by some margin, so this is a way of helping to alleviate that pressure.”
He added: “Demand is far outstripping supply, and at present less than 10% of people in the UK have a financial adviser.
“Fincate is an affordable, sustainable and independent way for them to be educated on a range of financial matters, in their own time and from the comfort of their home or workspace.
“The service shares information on a wide range of topics from how the banking system works to pensions and mortgages, overdrafts, credit cards, how you can align your pension to goals and objectives, and more.
“It is not advice; it is education and empowerment in a world where it is harder and harder for people to access financial guidance.”
The comprehensive website features more than 400 virtual lessons which will be regularly updated to ensure the most recent legislative and regulation changes are accounted for.
Users will build up a “knowledge bank” and receive certificates on completion of set courses, after studying in their own time.
“People can start a programme and complete it at their leisure, for just a few pounds and an hour or two each month it will make a massive impact on their lives and financial futures,” said Rob.
“It will be particularly beneficial to businesses with employees and HR teams, offering an incentive and support, as we’ve seen reports financially stressed employees are five times more likely to be distracted at work and three times more likely to take time off, costing organisations tens of billions of pounds each year.
“That alone shows what a meaningful tool Fincate is and was the driving force behind its creation.”
Rob says his dream is to create scholarships to encourage young people from disadvantaged backgrounds to consider a career in finance.
“It is so important to attract the next generation of advisers,” he said.
“To get the ball rolling we have started to add free courses aimed at children aged 12 and above, focused on getting a bank account and the basics of money and finance.”
Reflecting on the long-term goals of Fincate, he added: “This platform takes away some of the strain when delivering financial education face to face.
“I often walk into a company and stand in front of 25 staff with less than a couple of hours to talk to them. They all have their own challenges and situations; they may be at different points in their careers and have questions which could be answered on Fincate.
“There is something for everyone, from first-time home buyers to retirees, business owners, students, the self-employed, individuals and families, it is an exciting and informative tool I am confident will have the answers to a multitude of questions, and it will be at their fingertips.”
For more information, visit www.fincate.com and follow Fincate on social media at @fincateuk.
