Why it matters
Along with offering one-on-one financial coaching from the comfort of the user's own home, they can also track their spending, learn to budget and benefit from savings and investment products- features that Claro says change how people start their investing journey.
Analysis carried out by the fintech found more than a third of those under 35 years of age are classified as being “perpetually poor”, despite earning £40,000 or more. Claro’s study determined that younger people across the country have a predisposition for spending more than they earn, even when earning a high salary. Claro says the app is designed to reach the 94% of Britons who cannot afford financial advice.
As part of its ESG mission, its app gives ESG scores for investments, enabling clients to invest in line with their ethical beliefs, and the company has also committed to protect 1,000,000 trees while attracting more environmentally-conscious customers.