Whether it is the opportunity to get a job in financial services irrespective of your background, or the chance to save and invest to achieve more financial security, we use our expertise to remove barriers and create opportunities.
It’s why we have campaigned tirelessly to close the Savings Gap. We have developed world-leading technology to make investing quick, easy and low cost. We’ve levelled the playing field meaning anyone with just a £1 can invest in funds that the industry often reserves for the very wealthy.
Our commitment to a fair opportunity for all is what drives our belief in social mobility – the principle that how far you go in life should be about personal effort and talent not background or where you come from.
Tackling the Savings Gap
One of the barriers to social mobility is financial insecurity.
It is a fact that only a minority of UK savers will have enough funds set aside for a comfortable retirement or even to allow some breathing space during difficult times. We call this the Savings Gap. Sixteen million people in Britain are believed to have savings of less than £100 with which to absorb unexpected events, acting as a brake on social mobility.
Our research shows people believe that they’ll need £23,000 annually in retirement to live comfortably. Based on actual saving behaviour, however, people in the UK are on course to receive an income of just £6,000 per year from their retirement fund.
The result of this is the Savings Gap and True Potential is leading one of the largest campaigns to tackle it.
- built world-first impulseSave technology, making it possible to invest from just £1 on the go from smart devices, enabling everyone to get started and begin closing their savings gap;
- eliminated barriers to investing by making it possibe for anyone to open an investment account with just £1;
- partnered with leading fund managers including UBS, Allianz, Goldman Sachs and others to make world-class investments available to all;
- raised the bar on financial education in the UK by opening the £1.4m True Potential Centre for the Public Understanding of Finance, based at the Open University Business School. More than 400,000 members of the public have taken part in the Centre’s free online money courses, covering budgeting, saving and investing.