This statistic alone signifies the effectiveness of goal-based savings. It transforms vague aspirations into actionable plans, offering individuals a sense of direction and control.
What the world has to say about goal-based savings
The impact of goal-based savings and the utility of PFM tools like Spinach is evident in real-world examples. A 2022 report by PwC found that 60% of users who utilised PFM tools for goal-based savings reported higher satisfaction with their financial health.
In addition, the global market for PFM solutions is expected to grow at a compound annual growth rate (CAGR) of 17.5% between 2023 and 2030.
Industry experts are also taking note. “The shift towards goal-based savings is a natural evolution in personal finance, particularly as consumers demand more from their financial tools,” says an fintech analyst at McKinsey.
Simplifying savings with automation and personalisation with Spinach
According to Deloitte, 45% of millennials and Gen Z prefer financial tools that offer automated savings options, reducing the mental load of managing finances. They’re looking for an intuitive platform that tracks progress and suggests real-time adjustments based on user behaviour.
Clayfin’s PFM solution, Spinach, is designed for the modern user—valuing efficiency, customisation, and simplicity. It caters to both new savers and seasoned financial planners, making it a powerful tool on the journey toward financial success.
Key features:
- Set Specific Goals: Users can create and name goals within predefined categories, ensuring a personalized savings experience.
- Link Investment Accounts: Spinach allows users to link their savings goals to various investment accounts, such as Recurring Deposits (RD) or Mutual Funds (MF), opening new avenues for growth.
- Monitor Progress: Spinach tracks users’ progress toward their goals and provides actionable insights based on real-time financial behavior.
- Adjust Contributions: If a user is falling behind, Spinach can recommend increasing savings contributions or extending the goal timeline.
- Customizable Frequency and Tenure: Users can adjust the frequency and amount of their savings, as well as the goal’s tenure, whenever necessary.
- Notifications for Non-Contributions: Spinach sends alerts if the user isn’t contributing to their goals, helping keep them on track.
- Delete Option: If a goal is no longer feasible, users have the option to delete it, offering flexibility in their financial planning.
Goal-based savings to lead the charge
As the world becomes more interconnected, the principles of goal-based savings are resonating across borders. Globally, where financial literacy is rapidly improving, there is a growing appetite for tools that empower individuals to take control of their finances.
In the realm of Personal Finance Management, goal-based savings is more than just a strategy; it’s a pathway to financial freedom. By setting clear objectives and utilising tools like Spinach, banks can help individuals transform their financial futures.
Spinach doesn’t just make saving easier—it makes it smarter, more personalised, and more effective.
In a world where financial freedom often seems out of reach, let us help you turn it into a plan in action!
To get started, reach out to our experts.
