Standard Life is teaming up with Moneyhub to roll out the open financial instrument Money Mindset.

This tool will be available to 1.5 million participants of the workplace pension system who are Standard Life customers.

Money Mindset integrates into the Standard Life app and dashboard. This offer allows users to concentrate bank accounts, mortgages, loans, pensions, ISAs, and other financial products in one place. Using this solution, customers will be able to view all their costs and savings within a single space. They will also be provided with individual recommendations on financial management. For example, users will be able to group transactions into different categories to analyze income and expenses. A personal budgeting service will also be available.

As another suggestion, Money Mindset will create a kind of virtual financial education center. In this case, users will have access to a variety of materials covering a wide range of financial topics, including money management, savings and investments, protection, and insurance.

Also, consumers will have access to tools for tracking lost pensions, assessing the prospects of receiving state benefits, and bringing together all pension savings.

Neil Hugh, head of Customer Relations at Standard Life, says that many people feel depressed when managing their finances, which can provoke material distress. He also noted that often people do not know how to improve financial opportunities. According to him, with the help of Money Mindset, users will be able to see all their money in one place in real time, so that they can then start managing this resource more effectively.

In December last year, Standard Life’s parent company, Phoenix Group, provided funding for 15 million pounds for the development of Moneyhub.

As we have reported earlier, Standard Chartered and Allinpay Enables Instant Cross-Border Payments in Hong Kong.