Fintech Business Chest Ready to Debut Pension Application, Transforming Regular expenditures into Retirement Financial Resources for Users' Future
New Fintech Startup Launches Pension App for Gen Z and Millennials
A new fintech startup, Chess, is set to launch a pension app this Autumn, aiming to address the financial concerns of younger generations. The app, founded by Ali Adam and Jason Murphy, both with a background in technology and finance, is backed by the German technology company Giesecke+Devrient (G+D).
Chess believes it can become one of the largest personal pension providers in the UK and other countries it operates. The app supports spending at popular retailers such as Amazon, Sainsbury's, Starbucks, Tesco, and more.
One of the key features of the Chess app is its ability to deposit cashback from everyday spending into a pension. This innovative approach makes saving for retirement easier and more accessible for Gen Z and millennials, who are increasingly turning to social media and influencers for financial advice.
According to Chess, a 27-year-old saving £30 per month from reward and loyalty schemes into a pension could earn an extra £100,000 in retirement. On average, Gen Z and millennials save between £6 and £40 monthly using cashback, discounts, coupons, and reward loyalty points.
However, despite this potential, nearly a third (28%) of Gen Z and millennials want more financial information and guidance on pensions. This is not surprising, as 35% of this demographic feel uncertain, anxious, or worried about their retirement savings.
Ali Adam, co-founder of Chess, believes the app makes saving easier by using cashback from everyday spending. He states, "Young people are prioritizing immediate life costs and short-term savings, with detrimental long-term consequences."
Jason Murphy, the other co-founder, adds, "When asked what would make them feel more confident about having enough money for retirement, 43% of Gen Z and millennials claim they want to know how much they will need to live comfortably."
Future fundraising is planned to establish and grow the Chess user base. The startup is also backed by initial funding from angel investors and supported by the Baltic Ventures and FinTech Wales accelerator programs.
Under 45s face pension panic due to high living costs and short-term savings priorities. With the launch of the Chess app, there's a promising solution on the horizon for this demographic.
Moreover, Chess aims to better align pensions with the spending habits of Gen Z and millennials. By doing so, the app could potentially attract more users who might otherwise overlook the importance of retirement savings.
Interestingly, 72% of Gen Z and millennials use or earn cashback from reward and loyalty schemes monthly. This statistic underscores the potential of the Chess app to revolutionize the way younger generations save for retirement.
Finally, it's worth noting that Chess is one of the first fintech challengers to address pension issues for younger generations. As more and more people turn to social media and influencers for financial advice, the need for user-friendly, accessible, and innovative pension solutions becomes increasingly important.
In a world where immediate gratification often takes precedence over long-term planning, the Chess app offers a unique opportunity for Gen Z and millennials to save for their futures, one cashback at a time.
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