Unlocking Financial Resilience: Why Budgeting Apps with Ledgers Can Help Tackle the UK's Savings Shortfall
By AnyAccount Ltd.
FinTech Advisory | www.anyaccount.org
Recent findings from the Financial Conduct Authority (FCA) have shed light on a concerning trend across UK households: while more people now have access to banking services, one in ten adults has no cash savings at all, and a further 21% have less than £1,000 set aside for emergencies. In total, around a quarter of the population is classed as having low financial resilience, often struggling with missed payments, debt, and a lack of fallback options.
These figures reflect a critical need—not only for accessible banking—but for practical tools that help individuals understand, manage and plan their finances. At AnyAccount Ltd., we believe this presents a clear opportunity for fintech innovators to build budgeting and money management apps that are not just user-friendly, but deeply integrated with transactional data and financial ledgers.
From Banked to Empowered: Going Beyond Access
The FCA’s report highlights positive developments too: more people now hold current accounts and digital exclusion has dropped significantly—from 14% in 2017 to just 2% today. However, simply having access to a bank account does not automatically translate to good financial health. A staggering 61% of people with more than £10,000 in assets still hold most of it in cash, missing the opportunity for long-term growth through mainstream investments.
This signals a widespread lack of confidence and knowledge in personal finance—something that budgeting tools can help change. By giving consumers real-time visibility over their spending and automated insights on saving, debt management, and investing, fintech products can close the gap between having access and having control.
Digital Budgeting with Ledgers: A FinTech Opportunity
A well-designed budgeting app—particularly one that includes automated financial ledgers linked to transaction feeds—can empower consumers to:
Track spending patterns and categorise expenses automatically.
Set aside emergency savings through round-ups or goal-based budgeting.
Receive smart alerts and nudges when approaching budget limits or repayment deadlines.
Integrate pension, investment, and debt management features into a single view.
Such tools can play a frontline role in preventing financial distress and building financial resilience. The FCA itself found that 61% of people who sought debt advice found their situation more manageable afterwards—a testament to the power of timely and accessible support.
Aligning with FCA Strategy and Consumer Duty
The FCA is actively supporting innovation through:
New rules that support low-cost guidance on pensions and investments.
Its InvestSmart campaign, helping people make informed financial decisions.
Ongoing work on Consumer Duty, ensuring products deliver fair value and support consumer understanding.
A national strategy for financial inclusion.
Budgeting and financial health apps, particularly those that embed ledger-based insights, can align perfectly with these regulatory goals—providing affordable, scalable, and proactive financial support to millions.
Conclusion: The Call to Innovate
With one-third of UK adults with defined contribution pensions holding less than £10,000, and many consumers still reluctant to invest or unable to save, the time to act is now.
At AnyAccount, we support founders and fintech teams working to transform lives through technology. The data is clear: the UK needs smarter financial tools—and budgeting apps with attached ledgers can be a game-changer in delivering long-term stability for consumers.
Need help designing or launching a budgeting tool? Contact us at info@anyaccount.org to discuss how we can support your regulatory and operational build-out.
