Over the next two years NestEgg will deliver 100,000 more referrals for community finance.
We’ve just completed another 20 in-depth interviews with credit union members. As a result we’re better able to understand their money goals and the impact Covid-19 is having on their finances.
People on lower incomes don’t need to be taught financial resilience; it’s part of their everyday planning. And has been for years. They just need the tools to acheive their #1 money goal – to save more and borrow less.
And this is where the NestEgg app comes in.
Our app provides over 200 ‘nudges’ helping people improve their credit profile. Financial health is presented as three indicators covering borrowing, spending and saving. Uniquely, these are mirrored in our decision engine dashboard – providing a shared view of credit risk.
Users of the app will
- Improve their credit scores. These have fallen fastest for lower paid workers since the pandemic.
- Reduce their credit card balances. Lower income borrowers were always close to their limits, but low paid workers were more likely to increase their balances since the pandemic began.
- Get on top of missed payments, which are starting to rise.
- Clear up historical issues. Credit union members in their late 20s and early 30s had clear goals to tackle older CCJs and defaults.