Octopus Group has launched Octopus Money, which will offer financial coaching and advice.
The group is investing £50m ($62m, €57m) to help grow the newly-created business.
Octopus Money will be led by Ruth Handcock, who was part of the founding team of Tandem Bank and was most recently the chief executive of Octopus Investments.
The service will provide one-to-one budgeting support through workplaces, where employees will work with their coach through a tailored programme to “save money, build lasting habits and create a personalised budget”.
Octopus said that the service will provide every customer with their own money coach or financial adviser. Customers will also receive ongoing one-to-one support to put their plan into action, as well as personalised investment and pensions advice at one “simple, transparent price”.
‘People want to engage with a human’
Handcock said: “Over the last decade, the industry has ‘innovated’ the humanity out of most financial-services businesses. We’ve never had access to more apps and more information, and yet millions of people are still confused about what to do with their money.
“That’s why everything we’re building at Octopus Money starts with the belief that when it comes to money, people want to engage with a human, not just an app. We’re partnering with UK workplaces, because we believe employers are the country’s best hope for improving financial wellbeing. Too often, meaningful money conversations are rushed, fumbled or altogether absent inside businesses.
“This leaves employees feeling confused, frustrated and undervalued. For many UK employers, ‘people’ are the single biggest investment and yet there’s often no one helping employees to make the most of their pay. Octopus Money aims to help companies fill this gap.”
Over the coming year, Octopus Money plans to launch new services that offer customers deeper money and emotional support through life events.
Handcock added: “Many of the biggest life events happen unexpectedly. When we have a sudden change in our health, we know who to call, but when we have a sudden change that impacts our money, most of us don’t know who to turn to. No one should be left to sort their money on their own, so we’re excited to be exploring additional ways to help people when they need it most.”
