TNS Personal Risk Assessment And Risk Literacy Survey Finds Consumers Vulnerable To Financial Emergencies. Figlo’s financial planning tools supports consumers arrange their finances.
Half of all consumers, in several of the world’s developed countries, would struggle to meet an unexpected expense, according to a TNS study conducted in 15 countries.The report shows that many consumers, particularly in the UK, US, Germany and Mexico, currently lack the resources to meet an unexpected financial crisis like sudden car or home repairs or minor health related expenditures. For instance, half of all US consumers would struggle to meet an unexpected expense.
The TNS Finance Personal Risk Assessment and Risk Literacy Survey is a consumer survey developed by TNS in association with professors from Harvard Business School and Dartmouth College. The survey analyzes nationally representative consumers across eleven countries with respect to their risk literacy, household financial fragility, and financial experience and behavior during the economic crisis of 2008-2009.
No Financial Safety Net
To measure capacity for risk bearing, the survey probed if consumers could come up with enough money for a major car repair in a month. Around half of American, British and German respondents reported that they would not be able to come up with $2,000 in 30 days from savings, borrowing, friends or family: at 46% in the US, 49% in the UK, 47% in Germany. Mexico fared worst of the results analyzed with 58 % unlikely be able to find the funds.
Figlo financial planning
Figlo brings with their innovative “Hawanedo financial advice” and “ViewOnCash money management” solutions more insight. Not only for advisors, also for consumers. ViewOnCash facilitates clients to monitor their income, spending, savings and investments online. Because the application automatically integrates banking data with Figlo’s personal financial planning software Hawanedo, the client financial understanding increases by providing better insight into their finances. This will lead to more trust, client retention and uncovers new sales opportunities.
“With ViewOnCash from Figlo, banks can enable their customers to get a better, clear and understandable insight on their personal spending behavior which can be fully incorporated in a trusted internet banking environment. Given the current turbulent economic environment, personal money management is more important than ever. Therefore, we fully integrated ViewOnCash with Figlo's Hawanedo, our have-want-need-do standard process for financial advice, financial planning software, mortgage advice software and self service portals, giving the advisor the best start for a good financial advice.”- attributed to Albert van den Broek, Chief Globalization Officer, Figlo
